Intershop Communications AG | Press Release |
Management Board presents new Intershop to shareholders
- Transformation from a service provider to a product company
- Investments bearing fruit: sharp increase in licensing revenues
- Approval of special audit to examine business relationships with eBay companies
Jena, 12 June 2014 – At today’s ordinary Annual General Meeting, the Management Board of Intershop Communications AG presented the new brand identity, the growth strategy and the company’s business performance to the roughly 90 attending shareholders.
Board Spokesman Jochen Moll outlined the company’s transformation from a service-oriented service provider to a “genuine” product company. He explained that the first steps have been taken but that the transformation will need time and require further investments. “The e-commerce market is in a critical phase. Intershop must now win additional market share. This will be achieved by tapping new customer segments and with the help of our constantly growing network of partners,” said Jochen Moll. The increased investments in sales and marketing are already bearing fruit, as the current pipeline of new customers is much larger than last year.
Chief Financial Officer Ludwig Lutter spoke about the business trend in 2013 and in the first quarter of 2014. The trend is pointing in the right direction, especially where the sharply rising licensing revenues are concerned. In the medium term the goal is to reverse the ratio between product and services revenues of one third to two thirds. Board member Dr. Jochen Wiechen, in charge of product development, closed the presentation by outlining the roadmap for the upcoming product innovations and the opportunities resulting from the new partnership with Adobe, USA, and the new “Seed Growing Ideas” innovation initiative.
The shareholders attending this year’s Annual General Meeting represented just under 49.4% of the share capital. The proposals made by the administration regarding agenda items 2 to 4 were approved by a vast majority of the shareholders. The proposal to create Authorised Capital II (agenda item 5) did not win the necessary three-quarter majority. The complementary resolution proposed by shareholder Axxion S.A. about the appointment of special auditors pursuant to section 142 (1) of the German Stock Corporation Act (AktG) to examine the business relationships between Intershop and the eBay companies was approved by the majority of the shareholders and will thus be implemented. Board Spokesman Jochen Moll commented: “In view of the expert opinion obtained when signing the agreement and the annual audit of the dependency report, we expect the lawfulness of the business relationships to be confirmed by the special audit. We do, however, respect the shareholders’ wish to have this examined.”
Intershop Communications AG (founded in Germany 1992; Prime Standard: ISH2) is the leading independent provider of omni-channel commerce solutions. Intershop offers high-performance packaged software for internet sales, complemented by all necessary services. Intershop also acts as a business process outsourcing provider, covering all aspects of online retailing up to fulfillment. Around the globe more than 300 enterprise customers, including HP, BMW, Würth, and Deutsche Telekom run Intershop solutions. Intershop is headquartered in Jena, Germany, and has offices in the United States, Europe, Australia, and China. More information about Intershop can be found online at www.intershop.com.
This news release contains forward-looking statements regarding future events or the future financial and operational performance of Intershop. Actual events or performance may differ materially from those contained or implied in such forward-looking statements. Risks and uncertainties that could lead to such difference could include, among other things: Intershop's limited operating history, the unpredictability of future revenues and expenses and potential fluctuations in revenues and operating results, significant dependence on large single customer deals, consumer trends, the level of competition, seasonality, risks related to electronic security, possible governmental regulation, and general economic conditions.