Casinos, Acquired by Agilysys, Inc. for
$36.5 million in Cash
|CLEVELAND, Feb. 18, 2004 - Agilysys, Inc.
(Nasdaq: AGYS), a leading provider of enterprise computer solutions, today
announced it has acquired substantially all of the assets of Inter-American
Data, Inc. (IAD), for $36.5 million in cash. The transaction closed
on February 17, 2004. IAD is a leading developer and provider of software
and services to hotel casinos and major resorts in the United States and
all of its solutions run on IBM platforms.
"The acquisition of IAD is an excellent complement to our existing business and provides significant opportunities for profitable growth in the hospitality industry, particularly the gaming sector," said Arthur Rhein, chairman, president and chief executive officer of Agilysys. "The addition of IAD will enhance our competitive position and expand our intellectual assets, while opening up a new market, broadening our customer base, and increasing our service and product offerings."
With this acquisition, Agilysys is the leading developer and provider of information solutions for property and inventory management in the hotel casino and destination resort segments of the hospitality industry in the United States. Most of the major casinos and many of the largest resorts use Agilysys to design, implement and support their property management systems (PMS) for the hotel front office, management accounting, customer service, and housekeeping functions.
Agilysys supplements its PMS offering with a materials management system (MMS) that enables the tracking and replenishment of food, beverage and other perishable and non-perishable inventory. In addition to gaming customers, the installed base includes restaurant chains and public arenas.
The Company also develops and markets proprietary document management solutions with a focus on the hospitality, health care, retail and government markets. These solutions enable the capture, storage, control, manipulation, and distribution of scanned and electronically originated images.
In 2003 IAD revenues were approximately $40 million with operating margins in excess of 10%. Agilysys expects the acquisition to make a marginal contribution to earnings for fiscal year 2004, which ends on March 31.
About Agilysys, Inc.
Agilysys, Inc. is one of the foremost distributors and premier resellers
of enterprise computer technology solutions from HP, IBM and Oracle, as well as other leading manufacturers. The Company has a proven track record of delivering complex servers, software, storage and services to resellers and corporate customers across a diverse set of industries. Headquartered in Cleveland, Ohio, Agilysys has sales offices throughout the U.S. and Canada. For more information, visit the Company's website at http://www.agilysys.com .
Portions of this release, particularly the statements made by management and those that are not historical facts, are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
|Also See:||Imperial Palace Hotel & Casino Selects IAD's Lodging Management System / January 2004|
|Skagit Valley Casino Resort Selects IAD's Materials Management System / December 2003|