RealTime IT News

Thinking Tools to Acquire ColorBank Inc.

Thinking Tools Inc., a provider of adaptive simulation products, said it executed a letter of intent to acquire ColorBank Digital Sources and its electronic commerce shopping Web site, ShopFast, in an all-stock deal.

ColorBank had revenues of $3.2 million in 1997 and was profitable for 1997 and the first half of 1998, Thinking Tools said. Financial details were not disclosed.

Located in New York City, ColorBank provides design and production of printed materials including direct mail, catalogs, brochures, annual reports, corporate identity, advertising and marketing.

Its Electronic Commerce division, ShopFast, is made to offer a total in-house solution for Internet marketers which includes database development and management, design, hosting, interactive catalog marketing and secure online transaction processing.

"This move represents our first opportunity to apply our unique Adaptive Base Simulation Technology (ABAS) to new markets such as Internet commerce," said Fred Knoll, chairman of Thinking Tools.

With the finalization of the acquisition, Ronny Yakov will join the Thinking Tools board of directors and will remain CEO of ColorBank.

Thinking Tools develops interactive business simulation software designed to enable business professionals to grasp the interdependencies involved in complex problems and ultimately make better decisions. In 1993, the Business Simulation Division of Maxis Corp., a leading computer game maker best known for SimCity, was spun off to form Thinking Tools.