Mergers and Acquistions News
Categories: Hardware
November 22nd 2010, 10:02AM
Ariba, a US maker of supply management software, will acquire its Dutch rival Quadrem for $150 million (£93.8 million).
The California-based firm will orchestrate the transaction via a preliminary cash payment of $75 million and a $50 million stock offering, with the further $25 million to be put in escrow, payable 36 months after close and dependent on performance.
Additionally, Ariba will pay $10 million to alter certain aspects of a prior commercial agreement it had with Quadrem.
The Amsterdam-headquartered business has over 70,000 suppliers in 65 countries. Some of its customers in the natural resources, fuel and manufacturing sectors are leading firms: Nestle, Rio Tinto and BHP Billiton, for example.
"Ariba's on-demand commerce solutions and global trading network have made it easier for businesses of all sizes and industries to buy, sell, and manage cash," Bob Calderoni, Ariba's chief executive officer, said.
Subject to customary closing conditions and regulatory approvals, the deal is expected to complete in the second quarter of Ariba's 2011 fiscal year, ending March 31st.
Recently, Ariba sold its business process outsourcing (BPO) assets to Accenture Plc for $51 million.
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