Jena, April 15, 2010 – Intershop Communications AG has entered into a strategic agreement with GSI Commerce, Inc. (NASDAQ: GSIC). As part of the agreement, Intershop is selling a software license to GSI, which includes both maintenance and services components, and allows GSI to incorporate Intershop products into its on-demand/SaaS e-commerce offerings. Intershop expects to generate revenues in the middle seven-digit Euro range over the next 5 years based on the software license and maintenance contract.
Furthermore, Intershop has granted GSI exclusive reseller rights for its software products in the Americas and non-exclusive rights on a global basis. The U.S. company is among the world’s largest providers of full service, e-commerce and multi-channel solutions.
The agreement strengthens Intershop’s license business and allows the company to expand its presence in the key US market.
To underline the strategic importance of the agreement GSI has purchased a 10.5 percent equity stake in Intershop. Furthermore, GSI will purchase approximately 560,000 newly-issued shares, representing an additional 2.1 percent of Intershop’s outstanding share capital.
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.