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IXOS SOFTWARE AG
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Munich/Grasbrunn (pts008/26.01.2003/18:40) - IXOS SOFTWARE AG (NASDAQ: XOSY, NEUER MARKT: IXOS, German Securities Code 506150), a leading provider of document management software solutions, has acquired Obtree Technologies Inc., Basel, and the operating business of PowerWork AG, Kempten. With the two takeovers, IXOS is rapidly implementing its previously announced growth strategy for the enterprise content management market, and immediately becomes theEuropean market leader.
IXOS is taking over Obtree Technologies Inc., a leading provider of content management products at a price of SFR 0.52 (EUR 0.36) per share for 96,4% of the company`s 14,790,347 ordinary shares against cash. This corresponds to a purchase price of SFR 7.7 million (EUR 5.3 million) for a 100% interest. The transfer of beneficial ownership is scheduled to take place on February 1, 2003. In the case of PowerWork AG, IXOS is acquiring all operating assets for a cash payment of EUR 1.2 million, effective as of January 1, 2003 retroactively.
According to preliminary estimates, IXOS` consolidated revenue for the second quarter of fiscal 2002/2003 (to December 31 2002) rose by 5% to EUR 34.6 million (previous year: EUR 33.0 million). Consolidated income from operations (EBIT) improved to EUR 4.1 million (previous year: EUR 4.0 million). As a result, consolidated revenue for the first half of the fiscal year was up 10% to EUR 60.6 million (previous year: EUR 54.9 million); EBIT increased 12% to EUR 1.9 million (previous year: EUR 1.7 million). The acquisitions will lead to revenue growth for the current 2002/2003 fiscal year in excess of the 10% previously announced. In addition, IXOS is forecasting substantially greater revenue growth in the coming fiscal year, 2003/2004.
Due to these M&A transactions IXOS will postpone publication of its full results for the second quarter and the first half of fiscal year 2002/03 to February 4, 2003, and will release the information prior to the start of the Frankfurt Stock Exchange trading.
H1 2002/2003: revenue targets met, earnings slightly exceeded
IXOS has successfully maintained its profitable growth strategy, despite the continued difficult market, said CFO Peter Rau. The company met the revenue growth target of 10% that it announced in September 2002 and slightly exceeded its guidance for income from operations of 10%.
Outlook
As a result of the acquisitions, revenue growth for the current fiscal year 2002/2003 will exceed the forecast 10%. In addition, IXOS is expecting revenue growth to increase substantially in the coming fiscal year 2003/2004.
Due to these M&A transactions, IXOS will postpone publication of its full results for the second quarter and the first half of fiscal year 2002/03 (31.12.02) to February 4, 2003; the quarterly report will be published before the start of trading on the Frankfurt Stock Exchange.
WKN: 506150; ISIN: DE0005061501; Index: NEMAX 50. Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München, Stuttgart
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