National Geographic Acquires 30 Percent of iExplore, Inc. to Build Leading Share in Adventure Travel Market
Strategic Alliance Includes Integrated E-commerce Initiatives
and Collaboration on Content for Print and Online Media
WASHINGTON, D.C. and CHICAGO, August 21, 2000 - National Geographic (www.nationalgeographic.com) and iExplore, Inc. (www.iExplore.com) today announced a multi-faceted alliance that leverages the 112-years of vast resources of the leader in spurring dreams of adventure travel and exploration with the company best equipped to make those dreams a reality. As part of the far-reaching alliance, National Geographic will acquire a 30 percent equity stake in iExplore, the premier one-stop Internet resource for researching, purchasing and equipping adventure and experiential travel. Financial terms were not disclosed. In addition, the two will join forces by collaborating closely on the development of adventure and experiential travel content for magazines, television, and the Internet.
Under the terms of the alliance, National Geographic will incorporate iExplore's extensive content and searchable database of more than 5,000 trips in 152 countries into nationalgeographic.com. Using iExplore's "Trip Finder" database, visitors to nationalgeographic.com will be able to research and purchase trips from more than 100 world-renowned tour operators and have direct access to consultation from iExplore's staff of more than 25 experienced, in-house Adventure Experts.
In turn, iExplore will add the highly acclaimed line of National Geographic Expeditions trips to its world-class inventory of adventure and experiential trips available for purchase by consumers worldwide. The company will have access to National Geographic experts for special chat events, as well as a rich array of National Geographic content (articles, photography and images) for use on the iExplore.com site. Also, iExplore's site will be co-branded with the National Geographic logo. Finally, Rick Allen, CEO of National Geographic Ventures, will serve on iExplore's Board of Directors.
"iExplore's expertise and wealth of offerings in the adventure travel category make it an ideal ally for us," said John Fahey, President and CEO of the National Geographic Society. "Our investment in the company reflects the confidence we have in its business model and management team and our commitment to helping them grow in the future. We believe this alliance will result in extremely productive collaboration and integration on multiple levels."
"National Geographic is truly in a class by itself as the most-recognized and trusted name in global exploration in the world and we are honored to enter into a alliance with an entity of its reputation and stature," said George Deeb, founder and CEO of iExplore, Inc. "This is a tremendous milestone in the history of our company and an especially satisfying validation of our business. The benefits of this alliance to iExplore are immeasurable and will further establish us as the leading player in the adventure travel industry."
Adventure and experiential travel is $40-50 billion in size and growing at a rate of 10 percent annually, with an estimated 98 million Americans currently participating in some type of adventure activity.
Recognized by Forbes.com as the "Forbes Favorite" in its Best of the Web issue, by USA Today as a "Hot Site," by Fortune as a "Notable Website" and by Netscape as the "Rave of the Day" with a score of a perfect 10, iExplore is the leading Web-based portal for off-the-beaten path travelers who want to "come back different." The company has partnered with more than 100 world-renowned tour operators, including Abercrombie & Kent, Backroads, Mountain Travel-Sobek and Lindblad Expeditions. iExplore provides its customers with live, round-the-clock access to its staff of more than 25 in-house Adventure Experts on the Web as well as via its toll-free telephone number (1-800-iExplore). Having lived and worked in the destinations offered, iExplore's Adventure Experts share their expertise, experiences and proficiency to help customers choose and plan their special trip. In addition, the Web site offers consumers a wealth of other research resources including books, suggestions on gear and apparel, and trip reviews from fellow travelers.
About iExplore
iExplore, Inc. is the world's premier one-stop, full service brand resource for researching, purchasing and equipping the adventure and experiential travel market. Through an equally balanced offering of adventure-related content, community and commerce, the company has established the leading portal for off-the-beaten-path travelers who want to "come back different." Founded in 1999 and based in Chicago, iExplore is a privately held company. Investors in the company include Soros Private Equity Partners LLC, Tribune Ventures, Madison Dearborn Partners, Inc. and Bear Ventures. More information on the company can be found at www.iExplore.com.
About National Geographic Society
The National Geographic Society is the world's largest nonprofit scientific and educational institution with 10 million members worldwide. Founded in 1888 for the increase and diffusion of geographic knowledge, the Society reflects the world through magazines, books, maps, films, television, and interactive media. These media platforms are all being aggressively expanded worldwide, including the Society's award-winning official journal, National Geographic which, in addition to the English-language original, is published in 11 local-languages. National Geographic Ventures, a wholly owned taxable subsidiary of the Society, operates the Society's website and various other business activities. Additionally, the National Geographic Channel can be seen by over 85 million subscribers, in 15 languages, and in 68 countries abroad, and will launch in the U.S. in January 2001. Travel and adventure products and services offered by National Geographic include National Geographic Traveler magazine, Adventure magazine, travel guide books, destination maps, back-road topographic maps, trip planning software, and a unique travel program called National Geographic Expeditions.
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