SoftBrands acquires HIS
SoftBrands, a software manufacturer targeting independent hotels, is buying MAI Systems, the holding company of Hotel Information Systems, producer of epitome.net PMS and core CRS, software used primarily in group and chain lodging.
The acquisition was made so SoftBrands, which manufactures the Medallion PMS, can position itself against Micros, the largest hotel PMS manufacturer, says Steve Van Tassel, senior vice president, hospitality, for SoftBrands.
SoftBrands plans to merge HIS into its own operation; the HIS name will fade, though the epitome and core names will remain.
“By combining, we have in 2005 revenues a $43-million hospitality operation, which makes us the clear number two to Micros,” Van Tassel says.
“We are going to continue to market to the respective markets our products support,” says Dave Gandrud, SoftBrands' marketing director.
The deal calls for SoftBrands to pay $13 million, or $32.32 per share, to holders of MAI common stock; another $2.5 million, or $6.22 per share, into an escrow account; and $6.2 million to satisfy MAI indebtedness.
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