TRX ready to buy Hi-Mark

TRX has announced the
execution of an agreement to acquire Hi-Mark Software, an Atlanta-based
provider of data acquisition and business intelligence technologies. The
acquisition is expected to close in January 2007.
  Hi-Mark, established in 1993 by travel industry veteran Kevin Austin,
has approximately 175 clients supporting over 1,000 companies around the
world through its suite of data acquisition, data quality improvement,
email notification, and business intelligence and reporting applications.
Hi-Mark serves corporations, agencies, and airlines in the travel
marketplace, as well as companies in the financial services and healthcare
industries. Hi-Mark technologies deliver timely and effective information
that allows corporations to make organizational improvements, improve
service, and reduce costs.
  “In the corporate travel marketplace today, it is all about better
access to and understanding of global transaction data. The acquisition of
Hi-Mark puts us in the best position to meet those critical market needs
and directly supports our growth plan and our vision,” said TRX President &
CEO Trip Davis. “Hi-Mark has an impressive client roster and technology
portfolio that diversify our client base and open up both revenue growth
and market expansion opportunities. Together, we’re one of the world’s
leading, independent providers of data reporting applications that can
handle all kinds of data - travel data, payment data, and expense data. We
are ready to deliver on our vision to be the global leader in corporate
travel data reporting.”
  “I am excited about joining TRX, both for our Hi-Mark team and for our
clients,” said Kevin Austin, President of Hi-Mark Software. “We bring
proven data acquisition and business intelligence solutions to the table
that will complement TRX’s existing DATATRAX data integration offering. TRX
offers deep development talent and unrivaled experience in high volume
travel and payment data matching and reporting. Together, we have data
applications that we believe will meet the needs of any corporation, large
or small.”
  “The reality is that most companies have islands of data that they
can’t easily share with other systems because of disparate data types and
geographic diversity,” said Hi-Mark Chief Operating Officer, Tim Fahy.
“Developed in response to market demands, we created the Hi-Mark suite of
products to address this challenge. Now, as part of TRX, we’ll be able to
make an even greater contribution to travel and other industries, such as
financial services and healthcare.”
  The two companies will continue to support their clients through the
end of this year under their respective company and product brands.
Existing clients of both companies can expect the same degree of quality
service that TRX and Hi-Mark provide today. Upon the expected completion of
the acquisition in January, TRX and Hi-Mark intend to integrate their
operations and develop joint product plans by 31 March 2007. TRX and
Hi-Mark data processing and reporting technologies will work to improve and
simplify data integration and data quality for corporations so they can
make better decisions about their travel spending and identify bigger
savings opportunities.
  “Hi-Mark is an ideal tuck-in acquisition. This is a hometown deal for
two Atlanta companies. We have a clear integration path. The Hi-Mark
leadership team is on board. This transaction is a straight-forward way for
us to deploy capital and take advantage of the growth opportunities that we
see in the corporate travel marketplace and potentially other industries,”
Davis concluded.