HNC's Retek files for IPO

HNC Software announced today that its subsidiary Retek filed a registration statement with the Securities and Exchange Commission relating to an initial public offering of Retek's common stock. The offering is expected to occur in the fourth quarter of 1999, subject to market conditions and other factors. The number of shares to be offered will be determined at the time of the offering and is expected to be approximately 15% of Retek's outstanding common stock.

Retek is a provider of web-based, business-to-business software solutions for retailers and their trading partners. The company's software solutions provide a full suite of transaction, decision support, predictive and collaborative solutions, allowing retailers to effectively manage their demand and supply chain processes.

All of the shares to be included in the initial public offering will be sold by Retek. HNC currently intends to distribute to its stockholders all of its shares of Retek common stock in a tax-free spin-off. However, any spin-off would be subject to a number of conditions, including receipt of a ruling from the Internal Revenue Service that it would not be taxable to HNC and its stockholders. Accordingly, there can be no assurance as to whether or when it will occur.