The furiously acquisitive Platinum Software is on the prowl again, this time buying up fellow ERP supplier, Dataworks Corp, in a $93 million stock swap. While it gave no details of job cuts, Platinum acknowledged there will be reductions and office closures.
Platinum specialises in front-office applications while Dataworks operates in the manufacturing sector, and Platinum's CEO and chairman, George Klaus said the move represents, "a chance to combine forces with another successful team attacking the ERP market space."
DataWorks' CEO and President, Stuart Clifton will assume the role of vice chairman after Dataworks is subsumed by Platinum, and he said: "We share a similar business model and Microsoft-based technologies targeted at the rapidly growing mid-market, companies up to $500 million in revenues, and because there is virtually no overlap within our respective large customer bases, we believe significant complementary revenue opportunities exist for the combined company."
Over the past 52 weeks, Platinum share's price has reached a high and low of $27.25 and $6 respectively, and the stock experienced an unexplained decline last month, falling by 37 per cent.
The company is one of IT's most acquisitive players, and over the past few years it has snapped up companies at a dizzying speed, including: SII, Answer, Locus, Altai, Trinzic, Softool, Prodea, Paradigm, Axis, ATR, I&S, Mastering Inc, Learmonth & Burchett Management Systems and Logic Works Inc. All of these were accounted as mergers, but others buys, almost as many again, were accounted as straightforward purchases.
Platinum's 1998 revenues were $98.5 million, compared to $60.8 million for 1997, and it reported a net profit of $13.3 million compared to a loss of $4.4 million for 1997 and losses in the previous two years.
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