Aladdin Shareholders to Receive $11.50 per Share in Cash Transaction Valued at $160 Million

TEL AVIV, ISRAEL AND SAN FRANSCISO, CA, January 12, 2009 – Aladdin Knowledge Systems Ltd. (NASDAQ: ALDN) today announced that it has entered into a definitive merger agreement to be acquired by an investor group lead by Vector Capital, a leading private equity firm specializing in the technology industry, in a transaction valued at approximately $160 million.

Under the terms of the agreement, Aladdin shareholders will receive $11.50 per share in cash for each share of common stock they hold. This represents a premium of approximately 20% over Aladdin’s closing share price on January 9, 2009, the last trading day prior to today’s announcement, and a premium of approximately 64% over Aladdin’s closing share price on January 5, 2009, the last trading day prior to Aladdin’s announcement that it was in continuing discussions with Vector Capital regarding a possible strategic transaction.

“After extensive negotiations and careful and thorough analysis, conducted with our independent advisors, the Board has unanimously endorsed this transaction as in the best interests of the Company and our shareholders,” said Yanki Margalit, Chairman and CEO of Aladdin Knowledge Systems.

Commenting on the announcement, David Fishman, Partner, Vector Capital, said, “We are very excited about adding Aladdin to our portfolio of outstanding technology companies and believe that placing Aladdin’s DRM and Authentication assets under common management with those of our portfolio company, SafeNet Inc., a global leader in information security, makes considerable strategic sense and will greatly benefit all stakeholders. Aladdin is an exceptional company, with significant potential and a strong commitment to its employees, partners and customers worldwide. We understand Aladdin’s industry and business well, and look forward to working collaboratively to ensure a smooth and expeditious transition.”

The transaction is subject to certain closing conditions, including the approval of Aladdin’s shareholders, antitrust regulatory approvals, and the satisfaction of other customary closing conditions. Approximately 14% of Aladdin’s outstanding shares in the aggregate are held by an affiliate of Vector Capital, and Directors of Aladdin, including Mr. Margalit, have entered into a voting agreement for 19% of the outstanding shares pursuant to which they have agreed to vote all of their shares in favor of the transaction.  There is no financing condition to consummate the transaction. The transaction is expected to close following the satisfaction of all closing conditions, which is anticipated to occur in the next two to three months. Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC), has committed to provide debt financing in support of the acquisition.

The transaction will be presented to Aladdin shareholders for approval at Aladdin’s Extraordinary General Meeting, which will be scheduled as soon as practicable.

About Vector Capital

Vector Capital is a leading private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Vector identifies and pursues these complex investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector’s notable investments are LANDesk Software, Savi Technology, SafeNet, Corel Corporation (Nasdaq: CREL), Precise Software Solutions, Printronix, Register.com, Tripos, WinZip and Watchguard Technologies. For more information, visit http://www.vectorcapital.com/.

About Aladdin

Aladdin Knowledge Systems (NASDAQ: ALDN) is an information security leader with offices in 15 countries, a worldwide network of channel partners, and numerous awards for innovation. Aladdin eToken is the world’s #1 USB-based authentication solution, offering identity and access management tools that protect sensitive data. Aladdin SafeWord two-factor authentication technology protects companies’ important information assets and applications. Aladdin HASP SRM boosts growth for software developers and publishers through strong anti-piracy protection, IP protection, and secure licensing and product activation. Aladdin eSafe delivers real-time intelligent Web gateway security that helps protect data and networks, improves productivity, and enables compliance. Visit www.Aladdin.com.

Sumber: http://www.aladdin.com/PressReleases/post/Aladdin-Knowledge-Systems-Enters-Into-Merger-Agreement-with-Vector-Capital-Affiliate.aspx

Pembahasan:

Vector Capital adalah kumpulan dari perusahaan berbasis teknologi yang tergabung menjadi satu hak kepemilikan. Dengan knowledge yang dimiliki dalam bidang bisnis dan pemasaran, Vector Capital membantu meningkatkan keuntungan dari perusahaan-perusahaan tersebut.

Bergabungnya Alladin Knowledge Systems ke Vector Capital merupakan langkah penting baik bagi Vector maupun Alladin itu sendiri. Diharapkan dari akuisisi ini, Vector dapat memperluas jangkauan sektor bisnisnya dan Alladin mampu meningkatkan profitnya melalui fasilitas knowledge yang dimiliki Vector Capital dalam pemasaran dan pengelolaan saham.

Membaiknya sektor pariwisata memberi angin segar ke bisnis jasa travel. Bahkan, usaha penyedia jasa perjalanan itu kini sudah mengunakan sistem franchise (waralaba) untuk strategi ekspansi. Dengan sistem ini, jaringan usaha semakin berkembang sementara biaya investasi bisa ditekan.

Salah satu biro jasa travel yang mempersiapkan ekspansi dengan sistem franchise adalah Cipaganti Group. “Kami membuka peluang bagi masyarakat yang memiliki modal cukup untuk bergabung dengan kami mengembangkan bisnis travel,” ujar Presiden Direktur Cipaganti Group Andianto Setiabudi pada pembukaan kantor cabang di Surabaya kemarin.

Andianto menjelaskan, biro jasa travel yang dipimpinnya saat ini sedang gencar menambah kantor cabang. Anak usaha yang bergerak di bidang transportasi Cipaganti Otojasa misalnya, akan membuka empat cabang baru di Surabaya, Malang, Jember, dan Denpasar. “Empat kota tersebut merupakan titik paling padat pelanggan baik untuk travel maupun shuttle,” ujar Andianto. Dengan penambahan itu, Cipaganti Otojasa yang banyak beroperasi di Jawa Barat dan Jabodetabek itu kini mempunyai 43 cabang di seluruh Indonesia. ”Ke depan, potensi pariwisata di Jatim dan Bali akan semakin bagus. Oleh karena itu, perlu didukung sarana transportasi yang menunjang,” katanya.

Dikatakan, dana investasi yang dikucurkan untuk penambahan empat travel tersebut senilai Rp 10 miliar, termasuk gedung dan 30 unit mobil. Saat ini Cipaganti Otojasa sudah mempunyai 1.200 armada yang digunakan untuk berbagai jenis pelayanan terpadu, rental car, antar-jemput penumpang dari dan ke tempat tujuan (door to door), dari terminal/pool ke tempat tujuan (pool to door) dan shuttle service dari pool to pool, pengiriman dokumen, paket dan kargo, serta bus pariwisata. ”Market share kami sebesar 60 persen dari seluruh travel yang ada di Jabodetabek,” lanjut Andianto.

Direktur Cipaganti Otojasa Travel Tommy Teguh Susetio menambahkan, target omzet tahun depan bisa mencapai Rp 1 triliun. “Tahun ini omzet mencapai Rp 350-400 miliar,” ungkapnya

Mengenai paket waralaba yang disiapkan, Tommy menjelaskan, bagi peminat franchise (franchisee) yang mempunyai modal setidaknya Rp 500 juta bisa mengembangkan bisnis ini. Tapi tidak sembarangan juga. Sebab pihaknya tetap akan melihat lokasi yang tepat dengan berbagai pertimbangan lainnya. Nilai investasinya juga bergantung pada outlet yang dikelola, termasuk bagaimana business plan para franchisee. ”Ini juga demi kemajuan Cipaganti,” katanya.

Tommy mengatakan, para franchisee tersebut akan dievaluasi. Oleh karena itu, pihaknya akan memberi hak untuk mengelola franchise ini setidaknya dalam kurun waktu 1-1,5 tahun.

Sumber: http://indocashregister.com/2009/12/29/jasa-travel-mulai-dikembangkan-dengan-sistem-franchise-waralaba/

Pembahasan:

Bisnis travel merupakan salah satu bisnis yang menjanjikan sekarang ini. Tidak hanya di kota-kota sibuk seperti Jakarta ataupun Bandung, tetapi juga di beberapa kota wisata seperti Sutabaya dan Denpasar, menyusul membaiknya sector pariwisata di Indonesia.

Berdasarkan fakta tersebut, para penyedia jasa travel mulai memperluas jaringan usahanya dengan sistem waralaba. Salah satunya adalah Cipaganti Group. Sudut pandang KM pada kasus ini dapat dilihat pada keputusan Cipaganti Group untuk membagi Knowledge nya dalam menjalankan bisnis travel dan shuttle kepada para franchisee yang membeli hak untuk mengembangkan bisnis ini.

Being the preferred retailer means having stores where customers are naturally drawn to shop, and to which they are loyal. It means having the trust of customers: trust in product quality, price and service. It means being able to satisfy and anticipate customer needs and giving customers the best special offers. It means respecting producers and the environment. It means earning customer preference through social commitment and action. It means making our staff proud to work for us. Being the preferred retailer means making customers want to visit, and keep visiting, our stores. It means making customers happy by making their lives easier.

The strategy of the Carrefour group is aimed at achieving organic, sustained, profitable growth in excess of the broad market growth rate, and has three levers:

• Client-oriented culture
• Transformation
• Innovation

I. Client-oriented culture: getting to know our customers better in order to serve them better

With 12 million loyalty card-holders in France, but also 7.5 million in Spain, for example, Carrefour group stores have an excellent base from which to forge closer relationships with customers. As a multi-format retailer, Carrefour can offer solutions addressing a wide variety of shopping habits.  In 2009, the Carrefour group is enhancing its knowledge of customers, with the aim of serving them better and improving its brand image. In stores, the Carrefour brand will be conveyed in a way that is closer to the customer and more emotionally involving. By being more competitive, the brand will again become a tool for winning customers, enhancing customer loyalty and distinguishing Carrefour from the pack. In towns and villages, as convergence accelerates, the Carrefour brand will provide its best stores to more customers. In this way, Carrefour will make customers want to come, and keep coming, to its stores, regardless of the format or product offering. By focusing on retailing, Carrefour will become customers’ preferred retailer.

II. Transformation: increasing agility, execution quality and competitiveness

Carrefour’s success is based on the talent and motivation of its staff. To increase efficiency and competitiveness, and in order to improve as a retailer, the Carrefour group is about to transform itself. It will redesign its organisation, enhance synergies between sales and purchasing, and create new relationships between head offices, countries and stores. Sharing of knowledge and best practice will form the heart of this transformation process, which will be carried out by, and for the benefit of, our staff. Our employees’ skills will be developed, and new careers will be offered to them, because as well as being the preferred retailer, we want to be the preferred employer.

III. Innovation: regaining initiative and leadership

Carrefour invented the hypermarket in 1963, own-brand products in 1976 and “Filières Qualité Carrefour” quality-guarantee systems in 1992. As a result, innovation is in our genes. To serve customers better and form closer ties with them, the Carrefour group will again tap into its pioneering spirit and step up innovation. Hypermarkets, which are a crucial tool in winning new customers, are entering the era of tailored services and adopting new roles. Objective:
to make the store experience exciting again, to win or regain the hearts of all customers. Today, customers visit various types of stores, and so the Carrefour group is making its formats more complementary and introducing innovative new store concepts. In France, Carrefour is opening pilot convenience stores, i.e. Carrefour City in city centres and Carrefour Contact on the outskirts or in the centre of small towns.  In Taiwan, Carrefour has created Carrefour Convenient Buy, a store open 24 hours a day. Carrefour is a multi-format group, and intends to be a multi-channel retailer too, strengthening its presence in e-commerce. The in-store offering will be enhanced with the launch of new product ranges that meet customers’ current needs. Together with other innovations, Carrefour will become a multi-service retailer.

The Carrefour group’s geographical priorities
France is Carrefour’s established home market and the group’s main priority. The Group is taking the initiative to regain its leadership in France. The objective is to generate growth, firstly by developing its multi-format model, increasing convergence and giving fresh impetus to hard discount formats, and secondly by enhancing sales growth, price competitiveness and its price image.
The Carrefour group’s second priority consists of Spain, Italy and Belgium which, together with France, make up Carrefour’s “G4” countries. In these mature European countries, appropriate measures will be taken to maintain growth (Spain) or improve performance (Belgium and Italy).
Growth markets represent the Carrefour group’s third priority. The Group will focus most of its development resources on countries with stronger growth potential. The Group’s development in these regions will be based on various formats aimed at building the customer base (hypermarkets, cash and carry etc.).

Sumber: http://www.carrefour.com/cdc/group/our-strategy/

Pembahasan:

Demi mempertahankan posisinya sebagai perusahaan teratas di industri retailer, grup Carrefour menerapkan 3 strategi dalam menjalankan bisnisnya: Client-oriented culture, Transformation, dan Innovation.

Client-oriented culture.

Pada strategi ini, knowledge difokuskan untuk pelanggan demi memberikan pelayanan yang lebih baik sehingga dapat meningkatkan nama baik perusahaan. Pada akhirnya, dengan nama baik yang dimiliki, Carrefour dapat menarik lebih banyak pelanggan.

Transformation.

Untuk meningkatkan perkembangan perusahaan, perlu dilakukan perubahan pada kondisi internal perusahaan. Pelatihan dan pembagian knowledge menjadi faktor penting dalam strategi perubahan ini. Dengan tersebarnya knowledge dalam lingkungan perusahaan, diharapkan kemampuan para karyawan pun menjadi lebih berkembang.

Innovation.

Agar dapat mempertahankan eksistensinya, Carrefour terus berinovasi mengembangkan produk dan usahanya baik dari segi format maupun konsepnya. Inovasi-inovasi yang dilakukan didapat dari knowledge perusahaan ini sendiri yang fokus pada industri retailer.

Dengan pengelolaan knowledge internal maupun eksternal perusahaan, Carrefour dapat meningkatkan kinerja para pekerjanya serta mampu menarik lebih banyak pelanggan demi mempertahankan reputasinya sebagai perusahaan retailer terbaik.