Quintus Shares Rise as Siemens Says It Will Buy $72 Mln Stake
(Bloomberg) -- Quintus Corp. shares rose as much as 41 percent after Siemens AG said it would acquire a 19.9 percent stake for $72 million in the maker of software that manages customer orders and services.
Quintus, based in Fremont, California, rose $1.25, or 21 percent, to $6.94 in early afternoon trading. Siemens, Germany's largest electronics company, made the investment in Quintus to expand its Internet business in foreign markets.
The investment is part of a plan to move more of Siemens' business to the Web and broaden its presence in the U.S. Quintus gains cash for expansion as well as access to mobile commerce products, one of Siemens' strengths.
Quintus shares have fallen 88 percent this year. The company provides e-mail and Internet systems to customers including Anheuser-Busch Cos., Citigroup Inc., Lucent Technologies Inc. and Procter & Gamble Co., Quintus said.
Oct/25/2000 13:27 ET |
