Apr 4th
Epicor Software Corporation Shares Climb on Buyout News
Epicor Software Corporation (NASDAQ:EPIC) shares climbed this morning jumping up over $1.20 to $12.45 per share. Over 6.4 million shares have been traded heading into the midday trading hours, up drastically from the average daily volume of 270,000 shares. This 10% increase comes as news of a buyout is in the works.
Apax Partners LLP, a London based private equity firm has agreed to purchase Epicor Software Corporation for $976 million. This translates to roughly $12.50 per share up from the previous close of $11.24 on April 1. The purchase of Epicor also comes as Apax Partners have agreed to purchase Livermore, California based Activant Solution Inc. for an undisclosed amount.
Apax plans to merge Epicor and Activant to create a software maker with $825 million in annual sales and a strong foundation in manufacturing, distribution, and retail industries. Epicor has shown strong growth in its previous four quarters and designs programs to help companies manage supply chains and customer relations.
Jason Wright a partner with Apax stated “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,”
About Epicor Software Corporation
Epicor Software Corporation designs, develops, markets, and supports enterprise application software solutions and services. Its solutions enable companies to focus on their customers, suppliers, partners, and employees through enterprise-wide management of resources and information.
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