Hopes to extend position in mid-market through ERP solutions
Chicago and Dallas — August 19, 2003 — SSA Global Technologies Inc., a provider of extended enterprise solutions and services, and EXE Technologies Inc. today announced the signing of a definitive agreement under which SSA GT will acquire global supply chain execution provider EXE Technologies.
Under the agreement, a subsidiary of SSA GT will merge into EXE Technologies, and all holders of EXE Technologies outstanding common stock will receive $7.10 per share in cash, which represents an 18 percent premium over EXE Technologies' closing market price on August 15, 2003.
The acquisition is subject to approval of a majority of EXE Technologies shareholders as well as regulatory and certain other customary conditions. It is anticipated that the acquisition will close within 75 to 100 days.
Upon closing, EXE Technologies said it would be a wholly owned subsidiary of SSA GT.
Ray Hood, the Chairman of the Board of EXE and the holder of 5.9 percent of EXE Technologies outstanding shares, has agreed to vote in favor of the merger.
Stephens Inc. served as the financial advisor to EXE Technologies and has rendered a fairness opinion.
SSA GT said it believed that EXE would enhance the existing supply chain management and execution functionality within SSA GT's portfolio of solutions. EXE develops software for supply chain execution processes, including warehouse management, fulfillment, collaboration, inventory management and supply network execution.
SSA GT has experienced nine consecutive quarters of growth and profitability unique in the industry today. In addition, the company has had several successful acquisitions including Baan, Elevon, Ironside Technologies, Infinium Software and interBiz, the e-business division of Computer Associates.