Agilysys Signs Agreement to Acquire Visual One Systems
Acquisition Complements Agilysys Leadership Position in the Hospitality Industry Hotel Casino and De
DECEMBER 22, 2006. Agilysys, Inc. (NASDAQ: AGYS), a leading provider of enterprise computer technology solutions, today announced it has signed a definitive agreement to acquire Visual One Systems Corporation, a privately-held company with U.S. headquarters in Frederick, Md., and Europe headquarters in Leatherhead, Surrey, U.K.
Visual One Systems is a leading developer and marketer of Microsoft(R) Windows(R)-based software for the hospitality industry with offerings including property management, condominium, golf course, spa, point-of-sale, and sales and catering management applications. Visual One Systems customers include well-known North American and international full-service hotels, resorts, conference centers and condominiums of all sizes.
"The acquisition of Visual One strategically provides Agilysys a complementary product offering and significantly increases the breadth of our customer set in the hospitality market," said Arthur Rhein, chairman, president and chief executive officer of Agilysys. "The purchase also immediately provides Agilysys a Windows-based solution for hotels and resorts that expands our current leading position in the hotel casino and destination resort market."
Rhein added, "Agilysys Hospitality Solutions customers will find Visual One's software can quickly and easily provide automation of the functional areas of hotel and resort environments, including their golf course, spa and catering facilities. Equally important, Visual One customers will have access to the full Agilysys offering. This includes the company's Materials Management System (MMS) inventory and procurement system, patented DataMagineTM document management solution, hospitality consulting services, as well as a new source for all additional enterprise hardware, software or services needs."
The acquisition will be funded by cash and is expected to close in late January 2007 subject to, among other things, the satisfaction of customary closing conditions. Visual One Systems has annual revenues of approximately $9 million and operating income margins of approximately 15 percent.
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