MAPICS has completed the previously announced acquisition of Frontstep.
CEO and president Dick Cook said Mapics was now the largest global provider of extended ERP, CRM and SCM solutions committed exclusively to solving the unique challenges of manufacturers.
“Our new company now has solutions implemented in more than 10,000 customer sites, and will be able to provide customers with innovative, proven business solutions on two industry-leading technologies - IBM and Microsoft - that are backed by unmatched service and support."
Terms of the acquisition included the exchange of 4.2 million shares of Mapics' common stock for all the outstanding shares of Frontstep and the assumption by Mapics of approximately $US20.1 million of Frontstep's debt.
Related to the acquisition, Mapics announced that it had completed a new $US30 million credit facility and had used $US21.7 million of this facility to repay the debt assumed from Frontstep and certain other transaction-related costs.