Infoseek Acquires Quando, Inc., Leader in Personalized Shopping and Local Event Services
PR Newswire - August 11, 1998 17:42
SEEK %CPR %MLM %TNM %OTC V%PRN P%PRN
Infoseek Moves Beyond Search and Directory With Online Comparison Shopping And Local Content Through Event Guides
SUNNYVALE, Calif., Aug. 11 /PRNewswire/ -- Infoseek Corporation (Nasdaq: SEEK) today announced the signing of an agreement to acquire Quando, Inc., an Internet company with leading-edge commerce capabilities, for approximately $17 million in Infoseek common stock. Quando creates and licenses constantly-updated, customized directories, including shopping guides, event guides, contact directories, audio clip libraries, review guides, and data for Web site rating guides. Technologies developed by Quando, such as EventBot(TM), are currently deployed in event guides implemented on IBM's intranet and at America Online's Digital City (www.events.digitalcity.com), and can be leveraged across a wide variety of applications. Infoseek and Quando, Inc. plan to introduce shopping and local event guides to Infoseek's service in the fourth quarter of this year.
"E-commerce is a huge opportunity and key to our portal strategy. Services that give consumers the comparative information they need will change the spending habits of the Internet consumer and set a new standard for comparative shopping," said Harry Motro, president and CEO of Infoseek. "We selected Quando because they have the people and technology to help us take advantage of this opportunity."
The acquisition of Quando helps Infoseek move aggressively beyond search and directory by offering consumers high-value services such as comparative shopping, which provides the detailed information needed to make informed purchases on the Internet. With this acquisition, Infoseek also plans to provide local content, such as events information, extensive venue information and business contacts that can help make users' lives easier.
The integration of Quando technologies into the Infoseek service creates opportunities for Infoseek to extend its reach and revenue by allowing Infoseek to address the online shopping and local events markets, as well as number of specialized market segments. For example, comparison shoppers making intended purchases are considered the "sweet spot" of the online market, according to independent Web research firm Jupiter Communications. "We think Infoseek is the perfect fit for the Quando service and underlying technology," said David Billstrom, CEO and co-founder of Quando. "There's a synergy between Quando's comparative technology and Infoseek's proven search technology, and we think the result will be a great consumer experience."
Comparative Online Shopping
Unlike competitors, Jango and Junglee, Quando's technology can scale across hundreds of Web sites, already has five, and can scale across dozens, of data types, making a high-value, comparative online shopping experience possible for consumers. Turning its ShoppingBot(TM) technology toward products, Quando can provide Infoseek customers with more than price comparisons. Quando's up-to-the-minute shopping guide highlights duplicates for product size, e-tailer providing the product, manufacturer name, media options and more. Customers can sort with a click through information found at online merchants, manufacturer and product review sites, in categories ranging from Toys, Movies and Games to Computer Hardware or Software. Infoseek's new shopping guide is planned for launch this Fall, and will include a number of unique features to make online shopping quick, easy and convenient for customers.
Customized EventGuide Adds Value to Local Content
Quando's EventGuide will offer Infoseek users valuable local content. It is the only one of its kind that draws on multiple sources for the same event, recognizes duplication even when event names are misspelled or events are described differently, and organizes the information into complete, meaningful listings. For example, Quando's EventBot(TM) will recognize "The Rolling Stones," "The Stone," and "The Stones in Concert" as the same event and deliver the information in one, highly-usable format. The information is updated daily and each Web site containing the desired information is linked so the user can further explore if desired.
Offering the most extensive collection of events available anywhere, Quando will give Infoseek users valuable information on over 100,000 events, including concerts, musical acts, plays and performances, sporting events, kids events, and community events in more than 20 cities nationwide. Users can search by several categories and subcategories, including dates, geographical location, type of event, and venue to pinpoint their search more precisely. Plans for introducing the customized EventGuide to Infoseek's service will be disclosed at a later date.
All Quando event directories can be made compatible with personal organizers such as Microsoft Outlook and Eudora Planner. Users never need to type in an event -- they can just drag and drop an event from the Quando directory directly into their organizer.
Financial Terms
Under the terms of the definitive acquisition agreement, Infoseek will acquire Quando, Inc. for approximately $17 million worth of Infoseek common stock, approximately 525,000 shares subject to adjustment, based on Infoseek's recent common stock price. The acquisition is subject to the approval of Quando's shareholders and is expected to close soon after the closing of Infoseek's acquisition of Starwave and other transactions with Disney. The acquisition of Quando, Inc. is expected to be accounted for as a purchase and is expected to close in the fourth quarter.
About Quando, Inc.
Founded in 1993 and based in Portland, Ore., Quando crawls the Internet with software robots to build customized directories of information matched to client needs. Proprietary parsing and database techniques are used to gather, process and deliver content in a unified, highly usable format. Quando directories range from general and specialized event indexes to audio clip libraries, shopping guides, contact directories, review guides, and data for website rating guides. Constantly updated information, drag and drop PIM compatibility, and the option for web or wireless device delivery allow Quando clients a wide range of choices to serve their customers.
About Infoseek
Based in Sunnyvale, Calif., Infoseek Corporation (Nasdaq: SEEK) is a connected media company and a leading Internet navigation service that is designed to be everyone's first choice on the Internet. In addition to the Infoseek Internet service, Infoseek licenses its Ultraseek Server search and navigation software to companies for their own intranet, extranet and Internet sites.
By offering intelligent channels and one of the world's largest directories of Web sites organized by topic, Infoseek provides consumers with a familiar and meaningful search experience in addition to accurate, high-quality search results. Infoseek has commerce and/or content arrangements with entities including AT&T (NYSE: T), Auto-By-Tel, Borders Group, Inc. (NYSE: GP), CMP Media, Inc. (Nasdaq: CMPX), Datek Online, Inc., DLJ/Direct, Microsoft Corporation (Nasdaq: MSFT), PeopleLink Inc., Bell Atlantic (BEL), UPS, and Reuters.
Infoseek's World Wide Web site and Internet navigation services can be accessed at infoseek.com. For more information on Infoseek's software portfolio, visit software.infoseek.com.
This press release contains forward looking statements regarding the position of the Company following the proposed acquisition of Quando, including its expanded customer base, potential for increased revenue, enhanced offerings, and synergies, that involve a number of uncertainties and risks. Actual events or results may differ materially due to a number of factors including, but not limited to, Quando's shareholder approval, the capabilities and further development of Quando's technology, the ability of the Company to successfully integrate Quando's services, customers and personnel in a timely and cost-effective manner, competition faced by the Company, the Company's dependence on the market's acceptance of new and enhanced services offered by the Company, and the Company's ability to accelerate its participation in the growth of the e-commerce market. Reference is made to the Company's periodic reports filed with the Securities and Exchange Commission for a further discuss!
ion of the Company's business and risk factors that may affect operating results.
NOTE: Infoseek, Extra Search Precision, Ultraseek, and the Infoseek logo are trademarks of Infoseek Corporation, which may be registered in certain jurisdictions. Quando, EventBot, and ShoppingBot are trademarks of Quando, Inc.
SOURCE Infoseek Corporation
/CONTACT: Amanda Higgins of Infoseek, 408-543-6930, or
ahiggins@infoseek.com/
/Web site: software.infoseek.com
/Web site: infoseek.com
(SEEK) |
