West Palm Beach, Florida, November 21, 2006 – The ComVest Group announced that it has provided $7.85 million in senior debt financing, through its non-control fund, ComVest Capital, to Unify Corporation (“Unify”) (OTC: UNFY.OB). Unify will use the proceeds to acquire Gupta Technologies, LLC (“Gupta”) from Halo Technology Holdings, Inc. (“Halo”). The financing is secured by a first priority lien on substantially all assets of Unify and its subsidiaries (including Gupta). In closing the Gupta acquisition, Unify has also transferred its Insurance Risk Management Division and ViaMode intellectual property to Halo.
Unify has been a quality provider of embedded database tools since 1980 and anticipates that acquiring Gupta will give Unify a singular strategy and focus on embedded databases and software development tools. The acquisition is expected to provide organic growth opportunities via revenues from upgraded versions of Unify and Gupta products.
Todd Wille, CEO of Unify, commented on the transaction with ComVest, “We have reached an important milestone today as the combination of Unify and Gupta will create a dynamic, re-energized organization with a strengthened partner channel, broader distribution network, expanded global customer base and talented employee pool. We are on a fast track to begin rapidly executing on our cross-selling strategies and new product development initiatives to expand our service-oriented architecture (SOA) and database offerings. In addition, we look forward to benefiting from a single strategic and operational focus on the software tools and embedded database markets. I am pleased to partner with ComVest and confident in our plans to create profitability and increase shareholder value with our new size, focus and strength.”
About Unify Corporation
Unify’s software development and database solutions deliver a broad set of capabilities for automating business processes, integrating information and delivering collaborative information. Through its industry expertise and market leading technologies, Unify helps organizations drive business optimization, apply governance and increase customer service. Unify is headquartered in Sacramento, Calif., with offices in London and Paris, and a worldwide network of global distributors. Contact Unify at 916-928-6400 or visit www.unify.com.
About ComVest
The ComVest Group is a Leading Private Equity Firm focused on investing in middle-market companies. Since 1988 ComVest has invested more than $2 billion of equity capital in over 200 public and private companies worldwide. Through our extensive financial resources and broad network of industry experts, we are able to offer our companies total financial sponsorship, critical strategic support, and business development assistance. Their focus is centered on building industry leading companies and creating long term value for equity holders. For more information on ComVest, visit www.comvest.com.