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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
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
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
The Executive Management Board
Louis Arnitz i:FAO Aktiengesellschaft Telephone +49 (69) 1530 5500
Additional information, graphics and pictures in high resolution
are available in the press area of the i:FAO website at
Please also visit our new IR page at http://www.ifao.net/ir-eng
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