Tuesday September 8, 6:38 pm Eastern Time
Geac Computer
announcement/acquisition
(Full text of press release from Canadian Corporate News)
SEPTEMBER 8, 1998
Geac Acquires Interealty Corp.
MARKHAM, ONTARIO--Geac Computer Corporation Limited announced today that it has acquired Interealty Corp. of Vienna, Virginia.
With annual revenues of approximately C$100 million, Interealty is a premier supplier of real estate information systems to the residential brokerage market in North America. Interealty serves 300,000
real estate professionals daily through its software and services to the Multiple Listing Services (MLS) and various regional real estate boards. In addition, Interealty has a presence in the growing
Internet marketplace, building and managing web sites for major real estate brokerage firms.
''The acquisition of Interealty is consistent with Geac's strategy of using acquisitions as a vehicle to enter new vertical markets where we can have a significant market share, get a good return on our
investment, and increase our future internal growth potential. Interealty satisfies all these criterion with its substantial customer base and good Internet and e-commerce potential.'' comments Stephen
J. Sadler of Geac.
William Nelson, Chairman of Geac, adds: ''Geac's acquisition strategy and criterion remain unchanged. Given current market conditions and Geac's strong cash position, we are optimistic about acquisition opportunities in the coming months.''
Founded in 1971, Geac is a provider of mission critical enterprise applications, supplying industry specific software to nine vertical markets as well as cross industry administrative applications
comprised of financial, human resources and materials management software. Headquartered in Markham, Canada, Geac has more than 70 offices in 16 countries and serves customers in more than
40 countries worldwide. Geac product and service information is available on the World Wide Web at geac.com, or through email at infogeac.com. Geac is a publicly traded company with
its common shares listed on the Toronto Stock Exchange (Symbol- GAC).
FOR FURTHER INFORMATION PLEASE CONTACT:
GEAC Computer Corporation Ltd.
Faye Hou
(905) 475-0525
f.hougeac.com
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