TO ALL: This thread has been pretty dead lately, maybe this will spice it up some. JDN
Mapics Agrees to Acquire Pivotpoint for $48 Million in Cash
Atlanta, Dec. 15 (Bloomberg) -- Mapics Inc., a maker of manufacturing management software, agreed to buy closely held Pivotpoint Inc. for $48 million, to add software that can run on the Windows NT, Unix and Linux computer operating systems.
Mapics said it expects to post pretax charges of $8 million to $13 million in the quarter that the transaction closes. Excluding acquisition-related write-offs, the company expects the purchase to add to profits starting in fiscal 2001.
Mapics software has mainly been running on the AS/400 minicomputer from International Business Machines Corp. The purchase will allow it to extend its offerings beyond AS/400 to other platforms.
Pivotpoint, based in Woburn, Massachusetts, expects revenue of $25 million this year. It has more than 700 customers including SmithKline Beecham Plc and Dukane Corp.
The purchase is expected to be completed within 60 days. Mapics also said it received a commitment for a new $65 million credit facility.
Steve Haley, president and chief executive of Pivotpoint, will become chief operating officer of Mapics.
Mapics' shares rose 1 1/8 to 11 1/4 on the Nasdaq Stock Market. The shares have dropped 32 percent so far this year. |
