Apax Partners has begun its all-cash tender offer for the shares of Exact Holding. The tender period ends on February 15 and is being conducted at 32 euro per share. At the current exchange rate—and with 22,816,661 shares outstanding—the deal is worth about $900.5 million. But the most interesting part of the offering memorandum is the strategy outline from Apax and that can be summed up as "cloud".
MicroEdge, purchased by Blackbaud in October, had a 3-percent increase in net income on a 4.9-percent rise in revenue for the nine months ended September 30. The MicroEdge numbers were disclosed by the nonprofit software vendor in a recent filing with the Securities and Exchange Commission. For the nine months, MicroEdge, based in New York City, had net income of $2.3 million,down from $2.4 million in last year's
Epicor has discovered "material" errors regarding reporting for income taxes in the financial statements for two years and three quarters of another. This is at least embarrassing as Epicor's audit committee found financial statements for the years ended Sept. 30, 2012 and 2013 and first, second and third quarters fiscal 2014 cannot be relied on because of those errors.
Sales-tax services provider Avalara said this week it has raised $100 million in financing from an affiliate of Warburg Pincus. The Bainbridge, Island.-Wash.-based software company says its plans include international expansion and strategic acquisitions. "This investment by Warburg Pincus will allow us to put more dollars to work in our growth initiatives," said Avalara founder and CEO Scott McFarlane. Avalara said the new round brings the total it has raised to more than $200 million since 2004.