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Vitria Entertaining a Private Life


By David Worthington
March 1, 2007 —  Vitria Technologies on Tuesday abruptly ended a briefing with SD Times under the advice of its legal counsel, prompting speculation that a sale or merger might be taking place. Indeed, according to SEC filings, shareholders have approved a buyout offer from a private company created by CEO Dale Skeen and board member JoMei Chang. Shareholders will vote on terms of the merger acquisition on March 25.

Vitria is best known for its BusinessWare infrastructure middleware, which permits incompatible IT systems to exchange information. The company has a market cap of US$94.63 million. It has reported an operating loss every year dating back to 2003. Research and development accounted for nearly 50 percent of its annual operating expenses.

New Constructs, an equity research firm that produces valuation reports, issued a risk rating alert for Vitria on Feb. 27 advising shareholders to sell.


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