SSA Global Technologies to Acquire Infinium Software
SSA Global Technologies Inc., a worldwide enterprise solutions and services provider, today announced it has entered into an agreement to acquire 100 percent of the common stock of Infinium Software.
In the agreement, each outstanding share of common stock will be converted into the right to receive $7.00 per share in cash. The agreement specifies that the transaction is subject to approval of Infinium's shareholders as well as regulatory and certain other customary conditions. The transaction is expected to close before January 1, 2003 at which time Infinium will become wholly owned by SSA GT.
The Infinium acquisition supports SSA GT's growth strategy of building a leadership position by acquiring high-value brands that offer incremental value to customers' existing enterprise systems. As a result of this acquisition, SSA GT will serve nearly 10,000 active customers worldwide.
Infinium Software, a leading provider of Web-integrated enterprise business applications optimised for the IBM eServer iSeries, complements SSA GT's proven extended enterprise application product suite with its world-class industry-tailored solutions for the manufacturing and hospitality markets.
"Bringing Infinium into the SSA GT global organisation strengthens our commitment to address customer needs with solutions that continually extend the life of their existing technology investments," said Mike Greenough, president, chairman and chief executive officer of SSA Global Technologies.
Infinium's 1,800 customers are located primarily in North America and span a variety of industries including process manufacturing, gaming, hospitality and healthcare. Infinium's product suite is based on XML Web architecture providing customers with a faster path to e-business initiatives. Both Infinium and SSA GT have applications that are native to the IBM eServer iSeries, which deliver the lowest total cost of ownership combined with the highest levels of reliability, scalability and processing speed.
The pending acquisition will give SSA GT a deeper reach into the process manufacturing space and complement SSA GT's world-class financial product suite. Infinium customers will be able to leverage SSA GT's e-business and extension solutions such as collaborative commerce, warehouse management and role-based portals.
"From our very first discussions with SSA GT, it was immediately apparent we shared similar strategies and views of the market opportunity. We believe that the global presence, broader product set, and financial strength of the combined companies will offer greater value to our customers," said James E. McGowan, president and chief executive officer, Infinium Software.
Rio Tinto has been given the go-ahead on its planned Mount Thorley Warkworth mine extension by...
Researchers have discovered that oil flow in pipelines can be smoothed by applying a strong...
Australian advanced analytics company TSG Consulting is responding to growing demand for...