Truition Inc. the leading SaaS e-Commerce Software Provider announces acquisition by CDC Software
Acquisition adds market-leading ecommerce capabilities to CDC Software's comprehensive logistics product suite
(TORONTO, CANADA, and JENA, GERMANY Nov. 20, 2009) - Truition Inc., the leading On Demand e-Commerce platform provider for retailers and brand manufacturers announced today that it has completed a definitive agreement to be acquired by CDC Software Corporation (NASDAQ: CDCS), a global provider of enterprise software applications and services. The acquisition is expected to close on November 30 and is subject to customary closing conditions. Truition's CMS platform is the world's most advanced multi-channel On Demand ecommerce solution enabling customers to manage single or multiple websites offering the same items simultaneously through a mix of fixed price storefronts, dynamic priced private-label auctions, Closed User Groups (member's only sites) and eBay public auctions all from a central location. In addition CMS offers comprehensive merchandising and marketing tools, centralized inventory and full order processing to provide complete ecommerce management.
This strategic acquisition will open up Truition's multi-language and multi-currency Commerce Management System (CMS), already well established in North America and Western Europe, to new customers all over the globe by leveraging CDC's very extensive international Sales and Service capabilities, and to CDC's more than 6,000 customers worldwide. In addition, it will add a critical eCommerce product line to CDC Software's already formidable suite of marketing automation, CRM, ERP and supply chain software. Truition's existing clients will benefit from an accelerated product roadmap via increased investment in R&D and further strengthening of Truition's Professional Services capabilities.
Bill Wignall, President and CEO of Truition, emphasized that "Truition and CDC have recognized that the Software-as-a-Service (SaaS) e-Commerce technology marketplace today is too fragmented and customers want more tightly integrated solutions that manage all aspects of ‘front and back office' processing, all from well-capitalized partners that can meet the sophisticated demands of international companies. Truition has had tremendous success over the past few years with truly global clients, and leveraging CDC's existing team of Professional Services people will allow us to expand our highly respected 24/7 service capabilities to other parts of the world, much more quickly and effectively than if we were to continue on our own. I expect our existing customers to benefit immensely from an acceleration in Truition's CMS product development, even stronger Professional Services infrastructure, and now from our ability to offer an even broader portfolio of complementary products through the CDC network of knowledgeable account executives around the globe. And they need not fear any change in the way they deal with Truition - there is no change to our people or processes, so our valuable customers can just continue to work with us as they always have."
Founded in 1998, Toronto, Canada-based Truition delivers software as a service (SaaS) e-commerce solutions to some of the leading global brands that include Sirius XM Satellite Radio, Dell Financial Services, Philips, Major League Baseball, Wolford, Genco, American Airlines, National Football League (NFL), Sears, Starwood, United Airlines and National Hockey League (NHL), to name a few. Truition serves more than 150 customers in 10 countries. Its e-commerce platform includes truly unique functionality such as both traditional ‘fixed-price' and online auction software, full front-end and back-end capabilities such as inventory and order management, community shops and multi-language/currency internationalization features. Together, the company's professional services team, along with the product's feature set provide industry leading ‘time to install'. Truition's products, complement CDC Software's comprehensive list of vertical industries making the combined offering the only single vendor end-to-end supply chain execution solution that addresses every touch point in the supply chain - from the supplier of the raw materials to the end consumer.
Mr. Wignall concludes "As our impressive customer base of large multi-nationals demonstrates, the SaaS model is not at all limited to users in the SME category and we are proud of the fact that CDC Software selected Truition as their anchor acquisition in the SaaS space. It's a testament to the excellent work of the team who have built Truition into, to our knowledge, the first consistently profitable company in our space, and a very effective operator of the SaaS business model. Our team here team is committed to further growing our customer portfolio, further increasing the value we deliver to our clients, expanding into new countries, strengthening our global service team, building additional capability into our CMS platform and over time aligning synergistically with CDC Software's technology and global infrastructure. And we look forward to making further acquisitions in the SaaS and ecommerce space in order to aggressively grow our business and to deliver additional value to our customers."
About Truition Inc.
Founded in 1998, Truition is the leading On Demand eCommerce platform for retailers and manufacturers. Powering more than 150 ecommerce sites in 10 countries, Truition provides its client base with a unique combination of technology and professional services, allowing these organizations to effectively outsource core elements of their eCommerce operations. "Powered by Truition" sites include many of the most well respected brands in the world, such as Sirius XM Satellite Radio, Dell Financial Services, Philips, Major League Baseball, Wolford, Genco, American Airlines, National Football League (NFL), Sears, Starwood, United Airlines and National Hockey League (NHL). Truition is headquartered in Toronto, Canada, with its European office in Jena, Germany. Additional information on Truition is available at www.truition.com
About CDC Software
CDC Software (NASDAQ: CDCS), The Customer-Driven CompanyTM, is a provider of enterprise software applications and services designed to help organizations deliver a superior customer experience while increasing efficiencies and profitability. CDC Software's product suite includes: CDC Factory (manufacturing operations management), Activplant, enterprise manufacturing intelligence (EMI), CDC Ross ERP (enterprise resource planning), CDC Supply Chain (supply chain management , warehouse management and order management),CDC X-alert (real-time supply chain event management), e-M-POWER (discrete ERP), CDC Pivotal CRM and Saratoga CRM (customer relationship management), CDC Respond (customer complaint and feedback management), c360 CRM add-on products, industry solutions and development tools for the Microsoft Dynamics CRM platform, CDC HRM (human resources) and business analytics solutions. These industry-specific solutions are used by more than 6,000 customers worldwide within the manufacturing, financial services, health care, home building, real estate, wholesale and retail distribution industries. The company completes its offerings with a full continuum of services that span the life cycle of technology and software applications, including implementation, project consulting, technical support and IT consulting. For more information, please visit www.cdcsoftware.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements relating to our beliefs about CDC Software, the acquisition target, and our expected acquisition of this company, including the timing thereof, the earnings-accretive nature thereof, as well as the completion, effects and expected benefits thereof, our beliefs regarding the benefits of the acquisition’s products to customers, our beliefs regarding our ability to integrate and leverage the products and solutions to be acquired through this proposed acquisition with our existing products and platform and the expected benefits thereof, our beliefs regarding the possible benefits of this acquisition for our market expansion, product offerings, and sales volumes, our expectations regarding the resumption and continuation of an acquisition business strategy and our commencement of a SaaS roll-up strategy, our expectations regarding our possible market share and ability to attain future expansion and success with customers of CDC Software, our beliefs regarding our ability to integrate this acquisition into CDC Software, our belief regarding the existence and potential success of synergies between this target company and CDC Software, our beliefs regarding our global scalable business and technology platform and other statements that are not historical fact, the achievement of which involve risks, uncertainties or assumptions. These statements are based on management's current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements including, among others: the conditions of the enterprise market, the completion of the acquisition of this acquisition on favorable terms, if at all, and the ability of CDC Software and/or this acquisition products to address the business requirements of the market,. Further information on risks or other factors that could cause results to differ is detailed in our filings or submissions with the United States Securities and Exchange Commission, and those of our ultimate parent company, CDC Corporation, located at www.sec.gov. All forward-looking statements included in this press release are based upon information available to management as of the date of the press release, and you are cautioned not to place undue reliance on any forward looking statements which speak only as of the date of this press release. The company assumes no obligation to update or alter the forward looking statements whether as a result of new information, future events or otherwise. Historical results are not indicative of future performance.
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