Infor Strengthens Suite of Integrated Solutions with Best-Of-Breed Asset Management
Datastream Systems and Infor, leading providers of enterprise software solutions, announced recently the signing of a definitive agreement for Infor to acquire Datastream. Under the terms of the agreement, Infor has agreed to pay $10.26 per share in cash to Datastream stockholders. The plan has received unanimous approval from the Datastream Board of Directors and the Board of Directors of the Infor subsidiary which is a party to the acquisition agreement. The transaction is subject to certain closing conditions, including Datastream stockholder approval. Infor has commitment letters for equity and senior debt financing necessary to fund the purchase price of the acquisition. The parties will work to close this transaction as soon as reasonably possible but it is expected to be completed in the second calendar quarter of 2006.
Larry Blackwell, Datastreams chief executive officer, remarked, "Datastreams Asset Performance Management strategy delivers value to customers by connecting critical maintenance and asset information with operational data to improve organizational performance." Blackwell added, "By joining with Infor, our employees will have the opportunity to work with one of the leading software providers focused on world-class enterprise applications. Our customers will benefit from a combined entity that will continue to support and improve Datastreams industry-leading products. After a thorough review, Datastreams Board of Directors has concluded that this transaction maximizes value for our stockholders."
Infor delivers integrated enterprise resource planning (ERP) and supply chain solutions designed for manufacturers and distributors. Given the asset-intensive nature of Infors customer base and target markets, Datastreams industry-leading Asset Performance Management solutions will address a key business need common among Infors customers and target markets. The combined company will have 24,700 customers in 140 countries.
"Infor is changing what customers expect from an enterprise software provider by assembling and integrating best-of-breed solutions and professionals with deep industry knowledge that is unrivaled in the industry," said Jim Schaper, Infors chairman and chief executive officer. "We are filling a void in the market for customers that want one source for all of their industry-specific enterprise applications. Our explosive new customer growth is proof that our model is working." Schaper continued, "Both Datastream and Infor are committed to future innovation using a services oriented architecture (SOA) that will enable those customers with asset-intensive maintenance requirements the ability to combine maintenance and asset information with production and operations data to uncover new performance management capabilities affordably from one vendor. This development architecture will also enable customers to benefit from easier upgrades and future product integration."
Datastream has more than 6,700 customers on support and a dedicated employee base that will expand Infors expertise in the manufacturing and distribution sectors, as well as other assetintensive industries. Datastreams technological leadership in developing Web-architected solutions will complement Infors own commitment to assembling cost-effective solutions tailored to customers specific operating environments. It will also further enhance Infors ability to meet the needs of customers worldwide. Infors financial backing, global reach and additional product solutions will provide Datastream customers with a path for continuous operational improvement and long-term growth.