InVision: First listing scheduled for 18 June

  • Securities prospectus approved by BaFin

InVision Software AG has published details of its intended IPO after obtaining approval for its securities prospectus from the Bundesanstalt für Finanzdienstleistungen (the German Federal Financial Services Agency). Based in Ratingen, Germany, InVision develops and markets workforce management software applications. The intention is to conduct a public offering in Germany and a private placement for institutional investors in Europe. The company will present itself to German and international institutional investors during a roadshow from 29 May to 11 June 2007. The share price range will be determined and published on 11 June 2007 in a decoupled bookbuilding procedure, based on feedback from investors. Interested investors will be able to place subscription orders for shares in InVision Software AG from 13 to 14 June 2007. The company is planning its initial listing at the Prime Standard segment of the Frankfurt Stock Exchange on 18 June 2007. WestLB AG is acting as the Sole Lead Manager and Sole Bookrunner for this IPO. The Co-Lead Manager is M.M.Warburg & Co.

InVision is offering a total of up to 1,077,000 shares in Germany and selected countries within an international private placement. A total of 714,996 shares will stem from a capital increase and up to 221,530 shares will come from a placement of secondary shares by InVision Holding GmbH, which is owned by InVision’s founders (who each own one third of the holding). In addition, up to 140,474 shares will be made available by InVision Holding GmbH to provide a greenshoe option. In the course of the IPO, the company’s capital stock could thus increase from 1,520,004 shares to 2,235,000 shares. Even after the greenshoe option has been exercised, the founders will retain a majority stake of 51 percent in the company.

InVision intends to use the proceeds from the IPO primarily to strengthen its position in the market for workforce managementsolutionsand, in particular, to benefit from the growing demand for this type of optimisation solutions by further expanding its sales operations. InVision plans to expand and further internationalise its business activities by increasing its strength in the areas of sales and professional services within existing locations. Moreover, the company intends to continue technical development of its product range as well as to expand its capacities in the area of software development.

“We offer enterprise-wide applications that can be used across nearly all industry sectors. There is enormous growth potential for our company, which depends upon the successful expansion of our sales organisation”, said Peter Bollenbeck, CEO of InVision Software AG.

Since 1995, InVision has developed and marketed software applications with which enterprises can plan and optimise the deployment of their staff. Optimised employee schedules cut staff costs because an optimal number of employees is on duty at all times. The power and capability of InVision’s optimisation applications has been continuously enhanced during over ten years of development. Today, InVision claims the position of technology leader in this field.

InVision’s core markets are relatively young and are growing rapidly, according to the company. Studies conducted by leading market research firms such as AMR Research and Frost & Sullivan have indicated average growth rates of 16.0 (worldwide market for workforce management) to 20.5 percent (EMEA market for workforce management for call centres) per year for the period from 2005 to 2010.

In recent years, InVision has invested substantial resources in expanding its international sales activities and in new strategic initiatives focusing on key accounts. Today, InVision is represented by eleven subsidiaries, mainly in Europe and North America.

In the fiscal year 2006 (ending 31 December) InVision increased its turnover by approx. 68 percent to €10.7 million. Earnings before interest and taxes (EBIT) amounted to €1.9 million and the EBIT margin to approx. 18 percent in 2006. The company had net earnings after taxes of €1.4 million for 2006. “The sharp increase in turnover and earnings last year showed the positive impact of our investment in marketing and the effect of our new strategic initiative of focusing on key accounts,” said Peter Bollenbeck. In the 1st quarter of 2007, turnover rose by about 95 percent from €1.4 million to €2.7 million. The increase resulted primarily from license fees and services. Growth outside of the German-speaking markets (Germany, Austria and Switzerland) was particularly strong at approx. 153 percent (to about €1.5 million).

  • International Securities Identification Number (ISIN): DE0005859698
  • Securities Code Number (WKN): 585969
  • Stock Market Abbreviation: IVX
  • Common Code: 030194381

The offer prospectus that was approved by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) on 24 May 2007 is available for downloading at: www.invision.de (IPO section).

DISCLAIMER

This publication does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities. No offer of securities of InVision Software AG is being, or will be, made to the public outside Germany. 

The offer in Germany is being made exclusively on the basis of the securities prospectus which has been published and filed with the Bundesanstalt für Finanzdienstleistungsaufsicht. Any decision to invest in the securities of InVision Software AG offered should solely be based on the securities prospectus. Copies of the securities prospectus are available free of charge at the offices of InVision Software AG and at the offices of the underwriting banks.

This publication and the information contained herein is not for distribution, neither directly nor indirectly, in or into the Unites States of America, Canada, Australia or Japan.

This publication does not constitute an offer for sale of any securities into the United States. Securities, including any shares of InVision Software AG in the course of the offer, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the Securities Act of 1933 as amended (the “Securities Act”)) unless they are registered under the Securities Act or exempt from registration. There will be no registration or public offer of any securities of InVision Software AG in the United States.