ERP software provider Solarsoft Business Systems has acquired the outstanding common shares of business software developer VantagePoint Systems at $0.70 per share to strengthen its product portfolio and expand its operations in the packaging manufacturing industry.
According to Solarsoft, the offer represents a premium of 73% to the closing price of VantagePoint’s shares on the last trading day prior to announcement. The company added that the transaction will be conditional on at least 66.66% of VantagePoint’s common shares.
As a division of Solarsoft, we will continue our commitment to deliver advanced business software solutions and services to our customers, and to the packaging manufacturing industry worldwide, said James Hennings, president and chief executive at VantagePoint.
Solarsoft said that Mr Hennings owns 32% percent of the outstanding VantagePoint shares on a fully diluted basis and he has agreed to tender his shares to the acquisition agreement.
We are thrilled to be bringing another strong ERP franchise into the Solarsoft fold. The acquisition of VantagePoint reflects our continued focus on providing significant value to customers within key strategic markets by providing industry leading ERP solutions and customer focus, said Shawn McMorran, chief executive at Solarsoft. James Hennings and his management team will continue to lead VantagePoint.
According to technology news portal ITnews, Solarsoft is targeting a range of ‘point solution’ vendors with turnover in the range of GBP3-20m. These acquisitions form a part of the company’s strategy to strengthen its product portfolio with integrated systems across front and back office operations.
Source: ComputerWire daily updates