However, its management is primarily of Indian origin and in its solicitation of Edgewater shareholders it pictured Edgewater's business model as outdated and said its model of American front-line and Indian back office staff is superior. It also seeks to dump the board of the Dynamics AX reseller, except for CEO Shirley Singleton, and replace them with its own five nominees, claiming the company overpays its management for poor performance. AmeriHoldings and Lone Star hold about 5.3 percent of outstanding shares. The insurgents remain on the attack. In an updated proxy dated November 10, the group wrote, "We question whether the current directors are placing their personal interests ahead of stockholders' interests."Last modified on Thursday, 12 November 2015
EDGEWATER REJECTS TAKEOVER BID Featured
The Edgewater Technology board of directors has unanimously rejected the takeover bid it has received from Ameri Holdings. In a letter to Jeff Eberwein, the activist investor who heads Lone Star Investors, Edgewater's lead independent director Wayne Wilson that "the Proposed Transaction is grossly inadequate and not in the best interests of Edgewater's shareholders." Lone Star joined AmeriHoldings in the takeover bid. AmeriHoldings, headquarter in Princeton, N.J., operates via Ameri100.
Bob Scott has been informing and entertaining the mid-market financial software community with his email newsletters for 10 years. And he has been covering this market through print publications for 18 years, first as technology editor of Accounting Today and then as the Editor of Accounting Technology from 1997 through 2009. He has covered the traditional tax and accounting profession during the same time and continues to address that as executive editor of the Progressive Accountant.