Raven Software Corporation
Madison, WI
September 1997

Bengur Bryan advised Raven Software and its shareholders in its $13,000,000 merger with Activision, Inc. Bengur Bryan identified Activision as a strategic merger partner for Raven and negotiated the transaction.

Raven is a leading developer of award-winning interactive entertainment software. The Company was established in 1990 to develop high quality, visually engaging games with high levels of intense playability. The Company has won numerous awards including CGDA SPOTLIGHT award for best action game and Strategy Plus Magazine’s 1995 3D Action Game of the Year the Hexen title, whereas the Heretic title has won PC Computing’s 1994 MVP Award for Best Entertainment CD of the Year.

Activision (NASDAQ: ATVI) is a publicly held developer and publisher of interactive entertainment software for Microsoft Windows compatible computers, as well as Sony Playstation, Sega and Nintendo game systems. It achieved its initial success with the development of video-game products for Atari Corp. The Raven acquisition provides Activision several hit products for its distribution system a substantial team of accomplished game developers.