PARIS, June 9, 2015 (GLOBE NEWSWIRE) -- Perfect Commerce announced today that it will launch a tender offer for 100% of the share capital of Hubwoo SA (HBWO.PA) at €0.19 a share, representing a premium of 35.7% on the last share price before announcement. Hubwoo is a Procure-to-Pay software and services company headquartered in Paris, France. The offer complements Perfect Commerce's growth strategy in Europe and the United States.
"The acquisition supports Perfect's continued growth in several key geographies," said Perfect's President and CEO, Hampton Wall. "The Hubwoo customer portfolio is a great complement to our Company, and we are excited to continue to offer Hubwoo customers the same high level of customer service they are accustomed to. The philosophy of putting the customer first is a shared belief between Perfect and Hubwoo, and we look forward to the joined offering that will maximize process automation, savings, and value creation for our combined clientele."
"Beyond expansion to our global footprint, Hubwoo brings advanced functionality in the business network as well as enhanced catalog management and shopping systems. Hubwoo's intellectual property provides great value to the Perfect Commerce eProcurement systems and their business network. A better match does not exist", says Wall.
"Due to new government regulations, there is a growing need for bid solicitation and e-Procurement solutions required by the local government community. We believe our mature government e-Procurement solution is an ideal complement to the Hubwoo long-term strategic market plan," said Wall.
The Hubwoo Board of Directors has unanimously recommended the transaction, which is expected to close in the third quarter of 2015, subject to clearance by the French Autorité des Marchés Financiers (the "AMF"). The offer will be subject to a minimum acceptance level of at least 2/3rd of the issued share capital of Hubwoo. At the time of this announcement, the two largest stockholders, representing 38.2% of the share capital, had already committed to tender their shares in support of the proposed transaction.
This combination follows similar acquisitions that Perfect made in the past several years which have successfully expanded Perfect's presence in both vertical and geographical markets. Their most recent acquisition prior to Hubwoo was New Zealand-based Conexa which provided a larger footprint in New Zealand, Australia, and England.
About Perfect Commerce
Headquartered in Virginia, Perfect Commerce provides cloud-based, single instance, multi-tenant e-Procurement, e-Sourcing, and business network software solutions to the Fortune 1000 and public (government) sectors.
In addition to their Software-as-a-Service (SaaS) based software, Perfect Commerce is a Procurement Services Provider (PSP) offering a single supplier of record solution for Tail Spend Management. Through their "Virtual Distributor" solution, Perfect offers procurement and sourcing outsource services with a focus on engineered equipment, capital equipment, technical services, maintenance, repair, and operations (MRO) products.
Perfect combines a global procurement offering with a highly personalized approach and a Company-wide commitment to helping customers achieve optimal savings, process automation, and performance management.
Perfect's solutions are offered through a global deployment methodology to over 1.5 million users across five continents, in 18 languages and dozens of currencies buying from over 500,000 suppliers. Perfect deploys solutions out of operating centers in the U.S., New Zealand, England, and France. Today, approximately 40% of Perfect's revenues are generated outside the U.S., with France being Perfect's second largest market.
Perfect is a registered trademark of Perfect Commerce (www.perfect.com).
Perfect and OSN are registered trademarks of Perfect Commerce.
Press release (PDF): http://hugin.info/169341/R/1927303/691773.pdf