Under the terms of the deal, Ixos will purchase 96.4% of Obtree’s 14,790,347 ordinary shares at a price of 0.36 euros ($0.39) per share. This corresponds to a purchase price of 5.3m euros ($5.7m) for a 100% interest in the Basel, Switzerland-based company. During 2002, Obtree increased sales by 60% to 12m euros ($12.9m). Obtree already has 500 installations at 200 customers, and employs 86 staff.
In the case of the PowerWork AG, which is also privately held, Ixos paid 1.2m euros ($1.3m) in cash to acquire its entire operating assets, plus 24 employees. Kempten, Germany-based PowerWork provides process management and workflow technologies in Germany, Austria and Switzerland to a total of 80 customers, and generated revenue of 2.2m euros ($2.3m) in fiscal year 2001/2002. All of the acquired software will be integrated into the Ixos product portfolio. In August, Ixos received $10.3m funding from General Atlantic Partners, to help it break into the top five document management providers. During the past fiscal year (2001/2002), it reported a 10% increase in net income to 7.5m euros ($7.3m) from 6.8m euros ($6.7m), and a 5% increase in revenue to 122.8m euros ($120m), up from 117m euros ($114.8m) the previous year.
In the first half of the current reporting period, according to preliminary estimates, consolidated revenue rose by 10% to 60.6m euros ($65.5m), compared with 54.9m euros ($59.3m).
Source: Computerwire
