AIM-listed retail software solutions specialist to the fashion sector Prologic plc has been sold to a company with the same ultimate controlling shareholder as US-based Versata Enterprises Inc. The transaction delivered shareholders a 46% premium over the share price prior to the announcement of the Offer.
Established over 25 years ago, the Berkhamsted, Hertfordshire-based retail firm which provides integrated merchandising, warehousing, distribution, allocation, sourcing and point of sale into one single central database, boasts an impressive client portfolio including leading fashion labels Ted Baker, Paul Smith, TM Lewin and Fat Face. Prologic also built strategic alliances and partnerships with Oracle Corporation, Hewlett Packard and many others.
Prologic joins Versata’s corporate family of 22 enterprise software companies acquired over the past five years. With a global presence covering 45 countries, Versata solves the most complex business problems for the world's largest organizations. West Hill acted as financial advisor to ESWC and Atlas Technology Group introduced ESWC to Prologic and acts as a financial advisor to the Versata corporate family.
Stephanie Perry, corporate partner at Pitmans LLP, has a long-standing relationship with Prologic’s management team. Pitmans had previously supported the Prologic management team through an MBO in 1999 and their later admission to AIM in 2004. Pitmans was therefore the logical appointment to support the Company through its proposed strategic review announced in late 2011.
Commenting on the transaction, Tom Fischer, chief executive of Prologic said: “We were delighted with Pitmans’ diligence and expertise which enabled us to complete this transaction more quickly and efficiently than we had anticipated."
Of the deal, Fischer commented “The Prologic Board is pleased to have agreed terms with ESWC on an Offer which represents an attractive premium to both current and recent market prices, particularly given the current difficult macroeconomic climate and the challenges being faced in the retail sector in general.”
Stephanie Perry added: “We are delighted for Prologic and have had the pleasure of working alongside their management to see them grow, develop, float and now be acquired by an affiliate of a very large and successful US-based IT specialist.”
Resource: Prologic website
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