Fourth Shift to be acquired by AremisSoft
Staff -- Manufacturing Business Technology, 4/1/2001 12:00:00 AM
Minneapolis-based enterprise resources planning (ERP) solutions provider Fourth Shift announces a definitive agreement to be acquired by AremisSoft, a Westmont, N.J.-based provider of enterprise software and Internet enabled solutions for the manufacturing, hospitality, healthcare, and construction industries.
Under terms of the agreement, AremisSoft will acquire all of the outstanding common stock of Fourth Shift for $3.70 per share for a consideration of approximately $40.5 million. Closing of the transaction is subject to approval by Fourth Shift shareholders.
"Market consolidation is underway, and we believe this combination puts Fourth Shift and AremisSoft on the leading edge of this trend," says M. M. Stuckey, chairman and CEO of Fourth Shift. "AremisSoft plans to combine its U.K.-based manufacturing software operations with Fourth Shift, and expand its resource commitment to supporting global ERP systems and new e-Business applications, making AremisSoft a dominant player in the global, mid-market manufacturing space."
Fourth Shift's Chief Operating Officer, Randy Tofteland, will head the new combined manufacturing organization. Fourth Shift, which reported revenue of $61.2 million last year, has licensed software to about 3,700 customer sites in 60 countries.
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