Indus (NASDAQ:IINT)
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From May 2019 to May 2024
Indus International Inc., a leading Service Delivery Management (SDM™)
solution provider, MDSI Mobile Data Solutions Incorporated, the
worldwide leader in enterprise mobile workforce management software, and
Vista Equity Partners, a $1 billion private equity investment firm based
in San Francisco, CA, today announced the completion of the merger of
Indus and an affiliate of Vista under an agreement and plan of merger,
dated as of October 20, 2006. Under terms of the agreement, Indus has
been acquired by the affiliate of Vista in an all-cash transaction
valued at approximately $240 million and will be combined with MDSI, a
Vista portfolio company. The newly combined Indus and MDSI unites the
leading provider of best-of-breed customer, asset and field service
management solutions with the dominant player in enterprise workforce
management, resulting in the most comprehensive and robust suite of SDM
solutions available today. The stockholders of Indus will receive $3.85
in cash in exchange for each share of Indus stock.
Greg Dukat, president and CEO of Indus International Inc., will now
serve as CEO of the combined company. According to Dukat, “The
union of Indus and MDSI truly changes the landscape of the Service
Delivery Management market. No other vendor can offer the breadth and
depth of best-of-breed enterprise asset management, customer management
and enterprise workforce management functionality that our new company
now delivers. Furthermore, we are perfectly positioned to further grow
our global client base which includes 50 percent of the top 10 cable
service providers and 90 percent of the top 20 utility companies in
North America, as well as some of the world’s
largest telecommunications companies.”
Vince Burkett, MDSI’s President and CEO, will
now serve as COO of the new company. Burkett added, “The
combination of Indus and MDSI uniquely positions the new company to
offer the market’s most robust end-to-end
solution for Service Delivery Management. Together we will provide
proven solutions that empower utility, communications and other
commercial field service organizations to maximize efficiencies in their
customer relationships, facilities and field service operations. In
fact, the value of our combined solutions has already been recognized in
the market, as validated by our recent
contract with Eesti Energia. This major European energy provider
just signed a multimillion-dollar contract for a full SDM solution
including both Indus and MDSI applications.”
According to Robert F. Smith, Managing Principal of Vista Equity
Partners, “This transaction combines more
than software solutions; it also creates a powerful team of visionaries
and professional service organizations whose thought leadership and
industry expertise is unmatched. The proven management teams at Indus
and MDSI bring decades of experience and vision which will help them
provide the newly combined client base with a single source for managing
and optimizing their operations.”
Corporate headquarters for the new company will reside in Atlanta, GA.
The company will maintain its satellite offices in the United States,
Canada, Europe and Asia-Pacific.
Credit Suisse has acted as financial advisor, and Alston & Bird LLP has
acted as legal counsel to Indus for this transaction.
About the Combined Indus and MDSI
Indus and MDSI together become the leading provider of proven Service
Delivery Management solutions which enable utility, communications and
other commercial field service organizations to optimize the management
of their customers, workforce, spare parts inventory, equipment, tools
and documentation -- empowering organizations to maximize efficiencies
in their customer relationships, facilities, workforce and field service
operations. With offices in North America, Europe, the Middle East and
Asia-Pacific, the company has more than 400 clients in select
asset-intensive service-based industries. For more information, visit
our Websites at www.indus.com and www.mdsi.ca.
About Vista Equity Partners
Vista Equity Partners currently invests $1 billion in capital committed
to dynamic, successful technology-based organizations led by world-class
management teams with long-term perspective. Vista is a value-added
investor, contributing professional expertise and multi-level support
toward companies realizing their full potential. Vista's investment
approach is anchored by a sizable long-term capital base, experience in
structuring technology-oriented transactions, and proven management
techniques that yield flexibility and opportunity in private equity
investing. For more information, visit www.vistaequitypartners.com.
Indus is a registered trademark of Indus International, Inc. Other
company and product names may be trademarks of the respective companies
with which they are associated.