SAN JOSE, Calif., Nov. 17, 2008 (GLOBE NEWSWIRE) -- EnterConnect Inc. (OTCBB:ECNI), a leading provider of Enterprise-Proven On-Demand Business Portals, today announced that it has signed a Letter of Intent to purchase V-Rooms(tm), a division of Due Diligence Online LLC, an Internet-based, on-demand service designed to speed the completion of financial transactions. This anticipated purchase, expected to be consummated by the end of 2008, will extend EnterConnect's solutions deeper into financial services and other industries.
"V-Rooms has been a long-time partner of EnterConnect as our on-demand portal solutions are complementary to their on-demand offerings," said Sam Jankovich, President and CEO of EnterConnect stated. "The synergies expected from the two solutions will immediately provide cross-sell and up-sell opportunities that we can leverage to gain traction in the marketplace. V-Rooms has a successful, proven SaaS model with over 2,000 customers."
Dan Bradbary, chief executive officer of V-Rooms stated: "EnterConnect offers a global platform and strategic technology partners like Oracle and Intel which we can leverage to penetrate the market and gain even greater exposure for our offerings. Our solution helps companies reduce operational costs and streamline processes; and in today's world of mergers and acquisitions and distressed sales, saving money and moving quickly are paramount."
V-Rooms' newest solutions for Mergers and Acquisitions, Liquidations and Turnaround situations have been gaining tremendous traction in this tough recessionary time. V-Rooms has brought its deep experience in the online delivery of Private Placement Memorandums (PPMs), PIPEs and other fundraising efforts geared toward Turnaround, M&A, and Liquidations along with other solutions for raising capital. The new V-Rooms solutions coupled with EnterConnect's portal platform strategically positions the joined forces as a key-player in the SaaS Financial Services space.
About V-Rooms
V-Rooms(tm), a division of Due Diligence Online, LLC, is an Internet-based, on-demand hosted service designed to speed the completion of financial transactions which may involve hundreds of participants and require the distribution of thousands of pages of documents. V-Rooms enables clients, on a 24x7 worldwide basis, to accelerate complex, information-intensive business transactions and processes, while reducing time and expenses associated with data distribution, courier, printing and travel. For more information, visit www.v-rooms.com.
About EnterConnect
EnterConnect Inc. is a leading provider of enterprise-proven on-demand business portals that improve communication, collaboration and business processes to help companies increase customer satisfaction, growth and productivity. EnterConnect's portals enable customers, employees, partners, suppliers and other stakeholders to securely consolidate, collaborate and connect online -- at anytime, from anywhere - to accelerate business on-demand. EnterConnect solutions are based on a rich technology foundation in use at more than 50 Fortune 1000 companies. Now available on-demand, these solutions are used at leading organizations across diverse industries including Exide Technologies, John Thomas Capital Management, Piedmont Church, RedChip Companies, Rheem Manufacturing, Rush University Medical Center and others. For more information, visit http://www.enterconnect.com.