RedPrairie Corporation, a global leader in supply chain technology solutions that enable business process transformation, today announced it has entered into a definitive agreement to be acquired by Francisco Partners, one of the worlds largest technology-focused private equity funds. The acquisition will enable RedPrairie to accelerate its already rapid growth rate while enhancing its strong focus on customer results.
RedPrairie Company Leader John Jazwiec states, The combination of our technology investments, acquisitions and rapid growth has significantly increased shareholder value and has brought us to an inflection point in our development that requires enhanced funding options. This acquisition will expand our opportunities to better leverage RedPrairies leadership position for accelerated growth, both organically and through further acquisitions.
By joining with Francisco Partners, adds Jazwiec, we can continue to put the long-term interests of our customers, partners, shareholders and employees foremost in our sights. This provides RedPrairie the platform to quickly respond to investment opportunities, customer requirements and market forces, as we did to establish RedPrairies early leadership positions in workforce performance management, RFID and mobile resource management solutions.
Comments David Golob, general partner of Francisco Partners, We look for companies like RedPrairie that are poised to break out from the competition through superior technology and service, and those backed by strong management teams focused on the needs of the markets they serve. We believe RedPrairie is best positioned in its industry to address market opportunities and leverage its unparalleled customer base for long-term value creation. Francisco Partners is excited to provide resources to enable their accelerated growth and we look forward to working with their experienced and forward-thinking management team.
Says Jazwiec, This is an agreement where everyone wins. Our current stockholders, including Advent International Corporation and Vestar Equity Partners, which have been long-term investors in RedPrairie and which have provided the leadership and capital to enable the company to achieve its current success, will realize the value of our rapid growth through this transaction. Our partners and customers will continue to benefit from our strong working relationships and leading-edge technologies. Our employees will continue to experience the security of working within a stable and growing enterprise and the opportunities associated with our unique RedPrairie culture. And RedPrairie will be able to take the next logical step in fulfillment of the strategic vision we have established.
Comments Chris Pike, partner at Advent International and a director of RedPrairie, "John Jazwiec and his leadership team have done a tremendous job growing RedPrairie over the last three years. We believe that Francisco Partners will bring a fresh platform and an informed technology perspective to the leadership team, which in turn will enable RedPrairie to continue to thrive over this next phase of its evolution."
RedPrairie retained UBS Securities LLC as its financial advisor, and Pepper Hamilton LLP as its outside legal counsel. OMelveney & Myers provided legal advice to Francisco Partners.