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Jena, April 16th, 2010 – Intershop Communications AG has announced that it has signed a strategic agreement with GSI Commerce, Inc. (NASDAQ: GSIC). The U.S. company is among the world’s largest providers of full service, e-commerce and multi-channel solutions.
Intershop has granted GSI Commerce exclusive reseller rights for its software products in the Americas and non-exclusive rights in other foreign markets on a global scale.
Furthermore, as part of the multi-year agreement, Intershop is selling a license of its Enfinity Suite software to GSI Commerce, which includes both maintenance and services components, and allows GSI Commerce to incorporate Intershop products into its e-commerce solutions. GSI Commerce offers its clients on-demand SaaS software solutions. The expected volume of the license and maintenance contract will be in the middle seven-digit Euro range over the next 5 years.
“GSI Commerce is a global leader in e-commerce, commanding huge customer potential and a strong sales force. This agreement marks a milestone for Intershop, because it puts us in a position to leverage business in the US market in a way which would have been impossible for us alone,” commented Peter Mark Droste, member of the Intershop Management Board.
To underline the strategic importance of the agreement the Nasdaq listed U.S. company 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 has developed an excellent e-commerce software platform for companies, which is a perfect complement to our product line. We are certain that our strategic partnership offers both companies a considerable added value and we look forward to distributing Intershop’s software in the Americas,” explained Michael G. Rubin, founder and CEO of GSI Commerce.
„We are excited about the cooperation with GSI and welcome them reinforcing their commitment by becoming a shareholder of Intershop“, added Intershop Management Board Member Henry Göttler.
Jupiter Capital Partners, Munich, Germany, acted as financial advisor, and Luther Rechtsanwaltsgesellschaft, Hamburg, Germany, acted as legal advisor to Intershop Communications AG.
About GSI Commerce
GSI Commerce® is a leading provider of services that enable e-commerce, multichannel retailing and interactive marketing for large, business-to-consumer (b2c) enterprises in the U.S. and internationally. We deliver customized solutions through an e-commerce platform, which is comprised of technology, fulfillment and customer care and is available on a modular basis or as part of an integrated, end-to-end solution. We offer a full suite of interactive marketing services through two divisions, TrueActionTM and e-Dialog. Additionally, we provide brands and retailers a platform for online private sales through RueLaLa.com, and an online, off-price marketplace, SmartBargains.com.
More information: www.gsicommerce.com
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.