Datastream Brings Leading Asset Management Solutions to Infor
Acquisition continues Infor strategy of assembling best in class applications
GREENVILLE, S.C. (March 31, 2006) — Datastream Systems, Inc., today announced that it has been acquired by Infor after receiving regulatory approvals and satisfying the closing conditions of the transaction, which was announced in January.
With the completion of the acquisition, Datastream is 100% owned by Infor, which has been and remains a private company. The Datastream acquisition was financed through a combination of an additional capital infusion from Golden Gate Capital and Summit Partners, cash from Datastream and additional debt financing.
“This acquisition brings Infor a best-in-class enterprise asset management solution and a group of highly skilled professionals with deep knowledge of enterprise asset management best practices,” said Jim Schaper, Infor’s chairman and chief executive officer. “With the addition of Datastream, Infor continues to increase its depth and expertise in selected vertical markets, ensuring our ability to continually meet the specific needs of our customer base, offering an unparalleled competitive advantage for long term growth.”
Datastream has provided enterprise asset management solutions to customers worldwide for 20 years. Datastream’s operations will be integrated into Infor’s Cross Industry Solutions Group, which will continue to support the company’s products and services.
"Datastream's products are a perfect complement to Infor's existing solutions. Together, we will provide customers with the industry's most comprehensive and effective solutions to address their evolving business requirements," said Robin Pederson, executive vice president of Infor’s Business Group Operations. “The acquisition of Datastream is consistent with our strategy of assembling and innovating solutions designed specifically to help our customers attain more value from their ERP systems, maximize performance of their assets, and successfully compete in a global economy.”
With the acquisition, Datastream also extends its global reach through Infor’s strong affiliate and partner network. Datastream complements Infor’s existing direct and indirect sales channels, enabling Infor to present a broader, deeper product offering, additional global distribution, and increased implementation capability and expansion opportunities to organizations throughout the world.
Acquisition Highlights
Magellan Holdings, Inc., a wholly owned subsidiary within the Infor Global Solutions Group, has acquired Datastream Systems, Inc., a publicly traded asset management applications provider headquartered in Greenville, South Carolina. Terms of the acquisition include the purchase of all Datastream capital stock for $10.26 per share in cash, without interest. Letters of transmittal for submission of stock certificates by brokers, dealers and other registered owners are expected to be distributed next week. JPMorgan and Credit Suisse First Boston acted as co-lead arrangers and joint bookrunners and Wells Fargo Foothill acted as documentation agent for the debt financing. JPMorgan and Credit Suisse First Boston acted as joint financial advisors to Infor. Kirkland & Ellis LLP acted as legal counsel to Infor.
About Datastream Systems, Inc.
Datastream Systems, Inc. provides Asset Performance Management software and services to enterprises worldwide, including more than 60 percent of the Fortune 500. Datastream's solutions combine world-class asset management functionality with advanced analytics to deliver a powerful platform for optimizing enterprise asset performance.
By using Datastream's solutions, customers can maintain and manage capital assets -- such as manufacturing equipment, vehicle fleets and buildings -- and create analyses and forecasts so they can take action to improve future performance. Datastream's flagship product, Datastream 7i, delivers a complete Asset Performance Management infrastructure by combining an Internet, Web services architecture with broad enterprise asset management functionality, integrated procurement, advanced analytics and multi-site capability.
Datastream was founded in 1986 and has customers in more than 140 countries. For more information, visit http://www.datastream.net.
About Infor
Infor is the largest global software provider focused on delivering world-class enterprise applications to select verticals in the manufacturing and distribution industries. Infor delivers integrated best-in-class solutions that address the essential challenges its customers face in areas such as supply chain planning, enterprise asset management, relationship management, demand management, ERP, warehouse management, and business intelligence. With more than 3,100 employees in 50 global offices, Infor provides enterprise solutions to more than 24,700 customers in over 70 countries. For additional information, visit www.infor.com.
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Datastream and Datastream 7i are marks of Datastream Systems, Inc. ("Datastream" or the "Company"). All other products or Company names mentioned are used for identification purposes only and may be trademarks of their respective owners.