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CDC SOFTWARE GOES PRIVATE
The life of CDC Software as a publicly held and reporting company is over. The company, which had its public offering in September 2009, has been taken private following purchase of a controlling interest by Vista Equity Partners. This ends a chapter, too complicated to relate here, in the life of the organization that owns Ross ERP and the Pivotal CRM line.
For the market, what is less important than the sale of shares indirectly owned by CDC Corp. via bankruptcy court is the continuing march of private equity through the financial software market. Money continues to be available in what appears an ample supply. Infor just raised more than $1 billion in private equity as it completed its merger with Lawson Software. Last year, Activant Solutions and Epicor were acquired, merged and taken private by private equity funds. MYOB, which no longer operates in the United States, was taken over last year. Consona, whose components included the once Made2Manage, remains in the financiers' hands. This is not good for our attempts to learn about financial performance in this market. Microsoft, which once reported results for the Dynamics operations, now doles out only information on percentage revenue growth. Epicor, MYOB, Activant, Made2Manage (a long-time ago) and now CDC Software no longer report. I assume the new Epicor will continue to report until its public debt issue is retired via an exchange. That leaves Deltek and Blackbaud as the only quarterly reported companies. Sage and Exact report, but only on a six-month basis. One glimmer of hope is that Infor has been handing out some info, and maybe one of these days it will go public.
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