Apax Partners to Acquire Epicor Software Corporation and Activant Solutions, Inc.
4 April 2011
Combination of Epicor and Activant to create a global
leader in business software solutions
NEW YORK, NY, April 4, 2011, Funds advised by
Apax Partners ("Apax"), one of the world's leading private equity
firms, with a strong heritage of technology investment, today
announced that they have entered into definitive agreements to
acquire Epicor Software Corporation (NASDAQ: EPIC), a leading
provider of enterprise business software solutions for the
midmarket and divisions of Global 1000 companies, and Activant
Solutions, Inc., a leading technology provider of business
management software solutions for mid-market retail and wholesale
distribution businesses. The combined transaction is valued at
approximately $2 billion.
Apax intends to combine Activant and Epicor to create one of the
largest global providers of enterprise applications focused on the
manufacturing, distribution, services and retail sectors.
Following completion of the merger, the combined company will be
named Epicor Software Corporation and will no longer be a publicly
traded company. It will have over 30,000 customers and $825
million in annual revenues.
"We are extremely excited to be bringing together two premier
enterprise software companies through this innovative transaction
to create a global market leader," said Jason Wright, a Partner at
Apax Partners. "Epicor is a true innovator, offering deep
industry-specific functionality globally across its targeted
verticals. Activant is a recognized leader in providing
comprehensive Enterprise Resource Planning ("ERP") and
Point-of-Sale software to the distribution and retail markets
predominately in North America.
"In addition to the immediate product and service portfolio
enhancements that will result from the combination, both companies'
customers will benefit from the strong financial backing of Apax
Partners and our commitment to building the new Epicor into the
global leader for enterprise business applications," continued
Wright. "We look forward to partnering with both management
teams and to providing the resources and support that can
accelerate the growth and expansion of the business and the value
it creates globally."
Technology & Telecom is one of Apax Partners' five core
industry sectors. Notable current technology investments
include TIVIT, a provider of integrated IT and BPO services in
Latin America; Sophos, an IT security and data protection software
firm; iGate/Patni, a global IT services provider; TriZetto, a
provider of enterprise applications to the healthcare payor market;
SMART Technologies, a provider of interactive collaboration
products; and RealPage, a property management software solutions
provider.
Jefferies & Company Inc. and RBC Capital Markets are acting
as financial advisors to Apax Partners. Kirkland & Ellis
LLP is acting as legal advisor to Apax Partners. It is
expected that the acquisitions will close by the end of the second
calendar quarter of this year.
About Apax Partners
Apax Partners is one of the world's leading private equity
investment groups. It operates across the United States, Europe and
Asia and has more than 30 years of investing experience. Funds
under the advice and management of Apax Partners globally total
around $40 billion. These Funds provide long-term equity financing
to build and strengthen world-class companies. Apax Partners Funds
invest in companies across its global sectors of Tech &
Telecom, Retail & Consumer, Media, Healthcare and Financial
& Business Services. For more information visit: www.apax.com.
About Epicor Software Corporation
Epicor Software is a global leader delivering business software
solutions to the manufacturing, distribution, retail, hospitality
and services industries. With 20,000 customers in over 150
countries, Epicor provides integrated enterprise resource planning
(ERP), customer relationship management (CRM), supply chain
management (SCM), human capital management (HCM) and enterprise
retail software solutions that enable companies to drive increased
efficiency and improve profitability. Founded in 1984, Epicor takes
pride in more than 25 years of technology innovation delivering
business solutions that provide the scalability and flexibility
businesses need to build competitive advantage. Epicor provides a
comprehensive range of services with a single point of
accountability that promotes rapid return on investment and low
total cost of ownership, whether operating business on a local,
regional or global scale. The Company's worldwide headquarters are
located in Irvine, California with offices and affiliates around
the world. For more information, visit www.epicor.com.
About Activant Solutions Inc.
Activant Solutions Inc. is a leading technology provider of
business management solutions serving mid-market retails and
distributors. Activant provides customers with industry-specific
software, professional services, content, supply chain
connectivity, and analytics. Founded in 1972, Activant is the
established technology leader in the automotive aftermarket, hard
goods retailers, lumber and building materials dealers, industrial,
electrical and plumbing supply houses. In addition Activant has
recently become a major force in the broader spectrum of specialty
retailing having been selected the #1 mid-market software vendor by
Retail Info Systems News. Eagle's systems are designed to help
customers increase sales, boost productivity, operate more
cost-efficiently, improve inventory turns and enhance trading
partner relationships. Activant has operations in California,
Texas, Colorado, Illinois, Pennsylvania, South Carolina, Canada,
Ireland and the United Kingdom. For more information, please visit
www.activant.com.
Contacts:
Ben Harding
Tel: +44 (0) 20 7872 6401
Email: ben.harding@apax.com
Todd Fogarty
Tel: +1 212 521 4854
Email: todd-fogarty@kekst.com