SYBASE: ACQUISITIONS, REVENUE GROWTH, MINORITY FINANCIAL INTERESTS, AND STOCK PERFORMANCE This research addresses four aspects of the financial activities of Sybase Inc. Acquisitions by Sybase are addressed in the first examination section of this paper. Revenue growth at Sybase is the topic of the second examination section. The third examination section identifies other corporations hold significant financial interests in Sybase, and the performance of Sybase common stock is considered in the fourth examination section.
The first acquisition by Sybase occurred in January 1990, when the company acquired the assets of D&N Systems.1 D&N Systems was subsequently renamed SQL Solutions, Inc., a wholly- owned subsidiary of Sybase. Sybase paid $3.5 million cash and 1,045,432 common shares and options with an estimated value approximating $3.5 million for D&N Systems.2 In the year ending 31 December 1989, D&N Systems revenues were $4.69 million compared to revenues of $57.3 million for Sybase during the same period.3 Thus, the acquisition may be expected to add approximately eight- percent to Sybase revenues on an annual basis.
In 1991, Sybase acquired DEFT, Inc.4 Sybase paid 310
1Sybase 1991 Annual Report (Emeryville, California: Sybase Inc., 1992), 30.
3Sybase Common Stock, Prospectus (New York: Goldman, Sachs & Co., 1991), F-4, F-18.
4Sybase 1991 Annual Report, 12. thousand common share
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