Press Releases

Mirus Advises hubX, Inc. on Sale to Synxis Corporation

01/12/2004 - Boston, Massachusetts
Mirus Capital Advisors announced today that on January 6th the firm successfully negotiated the sale of hubX, Inc. to McLean, Virginia-based SynXis Corporation, representing the second software transaction completed by Mirus in the month of January. Based in Newton, Massachusetts, hubX provides software and ASP services to the hospitality industry. hubX provides managed reservation, web and marketing services to its customers through its leading-edge integration and connectivity platform.

SynXis Corporation is a rapidly growing provider of reservation management and distribution systems to the hospitality industry, providing solutions to over 4,600 hotels worldwide. "HubX is the kind of partner we have been looking for," said Jim Kelly, President and CEO of SynXis. "We were very impressed with how quickly they became a player in the industry and we are looking forward to combining the best of both technologies and increasing our competitive advantage. Both companies' customers will benefit from the combined technology and resources that will continue to keep us ahead of the curve."

"We knew it was important for us to find the right company to partner with," said Mike Murray, Chief Information Officer and Vice President of Product and Technology for the newly merged companies and former president and CEO of hubX." The combination of SynXis and hubX presents tremendous opportunities in the way of growth for our newly merged companies and for our customers in the way of the best technology in the industry."

Mirus Capital Advisors (formerly RCW Mirus Inc.) was retained by hubX to assist the Company with finding a merger partner. Mirus initiated the transaction, acted as financial advisor to hubX, and led the negotiations that resulted in its successful conclusion. Alexander Wilmerding, Principal at Boston Capital Ventures, "RCW Mirus did an excellent job in managing the process for hubX, particularly during a difficult year [2003] in the travel industry. Mirus attracted and managed multiple suitors adeptly and negotiated a transaction that will continue to generate significant value for hubX shareholders."

Jim Kelly, President and CEO of SynXis said, "Mirus did a great job maintaining a balanced playing field for SynXis and other suitors in a competitive process that, we believe, resulted in the optimal combination to address the needs of the hospitality industry."

The new entity will retain the SynXis name and will continue to serve its customers from multiple locations including McLean, Boston, Denver, and The Netherlands.

About SynXis: McLean, Va. -- SynXis, a leading provider of reservation management and distribution systems for the hospitality industry. Headquartered in McLean, Va., SynXis was founded in 1996 to develop applications that utilized the Internet. SynXis is now the reservation technology for over 4,600 hotels worldwide.

About hubX: hubX is a provider of ASP-based reservations, web, marketing and integration services to the hospitality industry. The Company provides a comprehensive platform technology for delivering connectivity for hotel property management systems (PMS) to multiple distribution channels for hotels.

About Mirus: Based in Boston, Massachusetts and with clients throughout the world, Mirus provides investment banking solutions to middle-market corporations including merger advisory, recapitalizations and valuation services to entrepreneurs, private equity groups and corporate clients. Founded in 1987, Mirus has successfully completed a number of software transactions for both entrepreneurs and professional investors. More information about the firm is available on Mirus' web site at http://www.merger.com

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