MINNEAPOLIS, MN, August 2, 1999 - As an indicator that IDeaS, Inc., is entering a new phase of business growth and that demand for the IDeaS yield management solution is increasing, the company announced that it will receive additional investment from its existing group of venture partners.
In addition, Edwin (Ed) Booth has joined the company in July 1999 as the President and CEO. To support the growing demand for the IDeaS solution, the company's organization and global service capabilities will increase. The additional investment insures that IDeaS maintains a solid foundation today, is poised for future expansion and will continue its excellent track record of delivering consistent, repeatable and measured benefits to its hotelier Clients. St. Paul Venture Capital, Morgan Stanley and Sutter Hill Ventures are included among the current group investing in IDeaS. "We are excited to see IDeaS start to really dominate the hospitality yield management market. By implementing its solution, introducing numerous pilots and delivering measured benefits to several of the world's premier hotel chains, what IDeaS is accomplishing currently is nothing short of remarkable," said William H. Younger, General Manager, Sutter Hill Ventures. " Our further investment in IDeaS tells of our total commitment to the company's stability and long-term growth potential." "And with the addition of Edwin Booth as the company's new President and CEO, we have full confidence in IDeaS to realize even a greater number of solution installs and to quickly capture a larger share of the market," Younger added. Mr. Booth is the former President & CEO of JobBOSS Software, of Minneapolis, MN, which became the leading supplier of enterprise management software and services for job shops and small contract manufacturers under his leadership. Prior to his position with JobBOSS, Mr. Booth held executive positions with Cummins Engine Company, of Columbus, IN, and its subsidiaries. "I am thrilled to be joining IDeaS at precisely the time when the world's leading hotel chains are signing up for the IDeaS 4% or more guarantee and three of the nation's leading venture capital firms are providing new funding to allow us to capture this breakthrough opportunity," said Mr. Booth. "Ed Booth brings proven experience at rapidly growing technology-based companies that deliver a total solution to the marketplace," said Dr. Subhash Gupta, Chairman of the Board, IDeaS, Inc. In recent weeks, Hilton International announced further global implementation of the IDeaS solution, and Vail Resorts, Inc., said that it would be expanding its application of the solution to its Vail Beaver Creek Resort Properties. Millennium Hotels and Resorts, and Mövenpick Hotels & Resorts have also announced their commitment to pilot test the IDeaS Solution. IDeaS, Inc., provides the hospitality industry's first and only yield management system performance guarantee for delivering transient room revenue increases of 4% or more. IDeaS, Inc., provides its yield management solution exclusively to the hospitality industry. It employs more than 110 yield management and hospitality professionals, and has more than 100 installations of its solution in 22 countries. With its corporate headquarters in Eagan, Minnesota, IDeaS also maintains offices in London, Munich, San Francisco, Paris, Pune and Sydney. For more information, see the IDeaS web site at
Contact
Gary Pettis
Phone: +1 651 452-7347
Email: gary.pettis@idealyield.com
Organization
IDeaS a SAS company
https://ideas.com
8500 Normandale Lake Boulevard, Suite 1200
USA
- Minneapolis, MN 55437
Phone: (952) 698-4200
Email: info@ideas.com
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