InVision AG

Prospectus • May 24, 2007

News Details

Corporate | 24 May 2007 18:16

InVision Software AG: First listing scheduled for 18 June

InVision Software AG / IPO

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.

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Securities prospectus approved by BaFin
First listing at the Prime Standard
Bookbuilding period expected from 13 to 14 June

Ratingen, 24 May 2007 - InVision Software AG has published details of its
intended IPO after obtaining ap-proval for its securities prospectus from
the Bundesanstalt für Finanzdienstleistungen (the German Federal Financial
Services Agency). Based in Ratingen, Germany, InVision develops and markets
workforce man-agement software applications. The intention is to conduct a
public offering in Germany and a private place-ment for institutional
investors in Europe. The company will present itself to German and
international institu-tional 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 foun-ders (who each own one third of the
holding). In addition, up to 140,474 shares will be made available by
InVi-sion 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 exer-cised,
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 work-force management solutions and, 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 num-ber 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 con-ducted 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 work-force 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 par-ticularly 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).

InVision at a glance:
InVision Software is one of the leading suppliers of enterprise wide
Workforce Management solutions, which enable companies to optimise the
planning and scheduling of their staff. InVision empowers customers to
re-duce personnel costs, increase productivity, improve employee
satisfaction and to boost revenue by leverag-ing better customer service.
Founded in 1995 with its headquarters in Ratingen (Germany), InVision
currently employs more than 120 WFM specialists and has offices across
Europe, North America and South Africa.
Among InVision's clients are numerous international blue chip companies,
such as ABN AMRO, Allianz, BMW, Deutsche Telekom, IKEA, Sky and Vodafone.
For more information, please visit us at www.invisionwfm.com

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 secu-rities of
InVision Software AG is being, or will be, made to the public outside
Germany. The offer in Germany is being made exclu-sively on the basis of
the securities prospectus which has been published and filed with the
Bundesanstalt für Finanzdienstleistung-saufsicht. Any decision to invest in
the securities of InVision Software AG offered should solely be based on
the securities prospec-tus. 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.

InVision Software AG – Media & Investor Relations
Halskestrasse 38 ▪ 40880 Ratingen ▪ Germany ▪ Phone +49
(2102) 728-444 ▪ Fax +49 (2102) 728-111 ▪ pr@invision.de,
ir@invision.de

DGAP 24.05.2007