Instant Software, Inc. Acquires First Resort Software Assets from ResortQuest
KISSIMMEE, Fla. and NASHVILLE, Tenn.--(BUSINESS WIRE)--Dec. 15, 2004--Instant Software, Inc. has acquired certain assets of First Resort Software, Inc., including its V12 and AV Main software platforms and the First Resort name. First Resort is a subsidiary of ResortQuest International, Inc., the nation's leading vacation property management company.
"The First Resort Software product lines, combined with our existing brands of PropertyPlus, Resort Manager and Entech Data systems, clearly establishes Instant Software as the 'go to company' for solutions in the vacation property management business." said Dave Hopcroft , President & CEO of Instant Software. "This purchase provides us with greater coverage of the vacation rental management market, with some 1,400 management companies using our software products to manage in excess of 350,000 homes, providing over 7,000,000 reservations a year, many via our real time on-line booking engine. We are excited about the opportunity to add one of the premier software brands in the industry to our portfolio of products."
"We have made a strategic decision to focus on our growing and developing vacation property management, rental and brokerage business, said Mark Fioravanti, President of ResortQuest. "This sale paves the way for us to preserve excellent support and maintenance for First Resort Software customers and to provide them with continued access to existing products and new product development."
"We're impressed with the people at Instant Software. Like ResortQuest, they are committed to customer service and I know our customers are in good hands," said Fioravanti.
The agreement transfers First Resort Software's AV Main and V12 software products, the First Resort name and the licenses, maintenance and support agreements for its existing customers to Instant Software. This will ensure the continued support of existing clients and the ongoing development of First Resort Software products.
"Instant Software operating as First Resort Software will continue to provide excellent service from the offices in Colorado and the First Resort Software customers will enjoy the benefit of even greater resources dedicated to new product development and customer satisfaction" said Hopcroft.
About Instant Software, Inc
Instant Software, established in 1996 in Orlando, Fla. was the first software company to offer a Windows (TM) solution for vacation rental managers.
The growth of Instant Software has been remarkable. In the year 2000, approximately 80 management companies used one of its products to run their business, and by the end of 2004, over 770 management companies selected an Instant Software solution to help them manage almost 200,000 vacation homes. Instant Software has its headquarters in Kissimmee, Fla., with regional offices in Pensacola, Fla., Waterbury, Vt., Wilmington, N.C., and Reno, Nev.
One of the secrets of Instant Software's dramatic growth has been a dedication to superior customer service. Instant Software employs more staff in customer service and support than any other part of the company. Over 50% of the total company is dedicated to client care - a key factor in the company's consistently high marks on customer satisfaction surveys.
Instant Software is the industry leader and with the addition of the First Resort Software assets, will remain the obvious choice for Vacation Rental Management companies looking for a complete software solution.
About ResortQuest
ResortQuest, the leading vacation property management company in North America, provides a one-stop resource in more than 50 premier resort destinations (www.resortquest.com). ResortQuest is the largest marketer and management company of vacation condominiums and home rentals in the U.S. and Canada, based on a portfolio of over 18,000 vacation rental properties with a combined real estate value estimated in excess of $7.0 billion. ResortQuest employs approximately 4,500 people and is owned and operated by Gaylord Entertainment Co. (NYSE: GET), one of the largest and fastest growing companies in the hospitality and entertainment industries, based in Nashville, Tenn., that also owns and operates Gaylord Hotels and the Grand Ole Opry. For more information, visit www.resortquest.com or www.gaylordentertainment.com.
Contact Info:
Key Foster, CFA
Vice President, Treasury and Investor Relations
One Gaylord Drive
Nashville, TN 37214
Tel: 615-316-6132
Fax: 615-316-6105
kfoster@gaylordentertainment.com