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ots Ad hoc-Service: i:FAO AG
i:FAO acquires QuixData
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San Francisco (ots Ad hoc-Service) - i:FAO Aktiengesellschaft, who is traded at Neuer Markt (WKN 622 452), announced today that the acquisition of QuixData Inc., San Ramon, California, USA has been closed.
All shares of QuixData Inc.have been valued at up to US$ 7.25 million for this transaction. US$ 2.25 million have been paid in cash and the remaining amount of up to US$ 5 million will be paid in shares of i:FAO Aktiengesellschaft. The shares are coming from a capital increase from reserved capital. i:FAO has up to 180 days to determine the validation date for the exchange value of the shares, furthermore large portions of the payment will be made depending on QuixData achieving certain sales goals in the years 2000 and 2001.
QuixData is one of three companies worldwide to specialize in the development of data mining software for business travel management. Using the QuixData software, companies can analyze their corporate travel data pre- and post-trip, to identify savings potentials. The QuixData software is indispensably for larger corporations to enable them to steer travel procurement efficiently.
i:FAO does expect slight losses from QuixData in the year 2000 with sales of up to EURO 1 million. The company plans to be profitable in the year 2001 with sales of up to EURO 4 million.
i:FAO will combine the QuixData software with i:FAO's core product cytric to create a globally unique product functionality. cytric's main benefit, besides the online reservation functionality for business travel, is the comprehensive integrated travel management system. Travel purchasing behaviour is directed using stored travel policies and approval procedures, resulting in cost savings. Many customizing options decrease workload for the partner travel agency as well for the travel manager of the corporation. cytric allows to store personal profiles and guarantees automatic compliance with corporate travel policy.
By using the system any computer with Internet access allows the user to make reservations for air, car, hotel and rail. 700 airlines, 51,000 hotels, rail and all large car rental firms are available 24 hours a day, seven days a week.
cytric by i:FAO Aktiengesellschaft is market leader for neutrak, worldwide available business travel management software.
The purchase of QuixData is part of i:FAO's strategy to concentrate on the development and sales of travel management systems in the business-to-business market.
QuixData will be merged into the i:FAO of North America, Inc., Dearborn, Michigan. Roger Hunt, who founded QuixData, continues to be the president of QuixData and is designated to be the president of the new i:FAO of North America, Inc.
i:FAO Aktiengesellschaft now has a 100% subsidiary in the US, with locations on the east coast time zone (Dearborn, Michigan) and the west coast (San Ramon, California) and approximately 30 associates. Ten of these associates are in software develop- ment, five in administrative positions and 15 in marketing and sales - predominantly for the i:FAO core product cytric.
As already published i:FAO currently plans to separate the cabana business division into an especially founded new company, intitially owned by i:FAO at 100%, as well as to separate the eHotel division, similarly to cabana not a part of i:FAO's core business, into a joint venture, a partnership of several companies. i:FAO furthermore plans to acquire up to 15% of the shares of i-tinerary.com, Inc, Scottsdale, Arizona, USA in the form of a capital increase into the company.
These activities should be completed already in October 2000. Sub- sequently, i:FAO will present the core concepts of the strategy as well as a new business plan at a press and analyst conference in Frankfurt an Main.
Note: Since July 24, 2000 the shares of i:FAO Aktiengesellschaft are traded under the WKN 622 452, because of the change to registered shares.
The Executive Management Board
Louis Arnitz i:FAO Aktiengesellschaft Telephone +49 (69) 1530 5500 eMail firstname.lastname@example.org
Additional information, graphics and pictures in high resolution are available in the press area of the i:FAO website at http://www.ifao.net
Please also visit our new IR page at http://www.ifao.net/ir-eng
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