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Reynolds and Reynolds to Sell or Spin Off Its Document Services Business

10 April 2000

Reynolds and Reynolds to Sell or Spin Off Its Document Services Business

    Company to Focus on Growing $800 Million Automotive Solutions Business

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    DAYTON, Ohio, April 10 The Reynolds and Reynolds Company
announced today that it has engaged the services of Credit Suisse
First Boston to sell or spin off its Information Solutions Group (ISG), the
company's document services business.  ISG reported revenues of over
$730 million in fiscal 1999.  The company intends to complete a transaction
within the next three to six months.
    "Reynolds has built two great businesses, ISG and our automotive solutions
business, with two very different missions," said David R. Holmes, chairman
and CEO.  "We believe pursuing strategic and clarified strategies will allow
both businesses to more aggressively leverage their strong positions and
market presence."
    The Information Solutions Group is achieving double-digit growth and
strong profitability with the industry's highest customer satisfaction and
return on net assets.  The business has been consistently strengthened through
acquisitions and aggressive actions to evolve from a business forms
manufacturer to a document services and eCRM business.
    "At the same time, we've built a powerful franchise with our automotive
solutions business, where we are transforming automotive retailing with a
rapidly growing suite of information management, customer relationship
management and e-business solutions.  We'll continue to expand our leadership
position in automotive retailing through acquisitions, joint ventures and
alliances," Holmes said.
    "Selling ISG to a strategic buyer, a financial buyer, or spinning it off,
will allow the business to respond even more aggressively to the opportunities
associated with its $40 billion marketplace.  It will also provide a clearer
focus for customers and investors.
    "With the sale or spin off, we'll have a laser-sharp focus on unleashing
the value we plan to create in the automotive retailing value net.  We're
reinventing this company to act more quickly and accelerate our speed to
market, with emphasis on growth and innovation.  The automotive marketplace is
one of the largest and most complex in the world, and is poised for a major
transformation.  It is Reynolds' intent to be the leader in this change,
helping retailers master the Internet to become more sophisticated enterprises
in the years ahead," Holmes said.
    The company cautioned that any transaction remains subject to board and
regulatory approval and that assurances as to the occurrence, timing or
details of any transaction, or the impact on the company could not be given at
the present time.
    Reynolds and Reynolds, headquartered in Dayton, Ohio, is a leading
provider of integrated information management systems and related value-added
services to automotive and general business markets.  The company reported
revenues of $1.56 billion for the fiscal year ended Sept. 30, 1999.  For more
information on Reynolds and Reynolds, visit http://www.reyrey.com or call The
Reynolds and Reynolds Information Hotline at 1-888-4REYREY .

    Certain statements in this news release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995.  The forward-looking statements are based on current expectations,
estimates, forecasts and projections of future company or industry performance
based on management's judgment, beliefs, current trends and market conditions.
Forward-looking statements made or to be made by or on behalf of the company
may be identified by the use of words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," and similar expressions.
Forward-looking statements are not guarantees of future performance and
involve certain risks, uncertainties and assumptions which are difficult to
predict.  Actual outcomes and results may differ materially from what is
expressed, forecasted or implied in the forward-looking statements.  See also
the discussion of factors that may affect future results contained in the
company's Current Report on Form 8-K filed with the SEC on February 9, 2000,
which we incorporate herein by reference.  The company undertakes no
obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise.