ots Ad hoc-Service: i:FAO AG

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    Frankfurt am Main (ots Ad hoc-Service) -    

    The Executive Management Board of i:FAO Aktiengesellschaft (WKN 622 452) has, with approval of the Supervisory Board, signed a letter of intent to acquire 100% of the shares of Iconomic Systems SA, Morges, Switzerland. i:FAO plans to integrate Iconomic completely into i:FAO Aktiengesellschaft after the acquisition and establish an office in Morges. The agreement is subject to usual clauses and should be ratified very shortly. The acquisition will be made using i:FAO shares, which are subject to lock up periods after the acquisition. Iconomic Systems SA has been founded in 1997 by researchers at the Swiss Federal Institute of Technology, Lausanne (EPFL). The Iconomic technology in the areas of artificial intelligence and agent technology is the core for new software solutions. Combined with i:FAO's eProcurement software cytric new and exciting product versions can be developed to market. Specifically the intuitive user interface as well as the combined display of special fares (e.g. company negotiated) with regular fares are most important. i:FAO will for the first time - based on cytric - offer software for Internet portals of travel vendors and airlines. In addition i:FAO plans to base the cytric regional sales office for Italy, Switzerland and France in the french-speaking Morges (by Lausanne). The purchase of Iconomic is part of i:FAO's strategy to increase it's market leadership in development and sales of Business Travel eProcurement systems.

    The Executive Management Board


    Louis Arnitz i:FAO Aktiengesellschaft Telephone: +49 (69) 7680-5500 eMail: arnitz@ifao.net

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