Manufacturing Software Provider Epicor Closes Spectrum HR Systems Takeover
Epicor Software, a well-known manufacturing software provider, has announced that it has finalized its $16 million cash buyout of Denver-based Spectrum Human Resource Systems Corp. This move is expected to strengthen Epicor’s position in the market as a complete end-to-end enterprise business solutions provider dedicated to the manufacturing, distribution, hospitality, retail and services industries.
The acquisition is expected to successfully close by December 31, 2010 and will add roughly 100 employees and more than 430 direct customers to Epicor’s current market position. Spectrum also brings to the manufacturing software provider a projected full-year 2010 revenues of approximately $14 million.
It is expected that Spectrum’s human resource and talent management solutions will become the core of the newly formed Epicor Human Capital Management Group. Epicor does not anticipate that this acquisition will have a material impact on its 2010 financial results, although the beginning of the first quarter of 2011 may see a slight adjustment.
George Klaus, chairman, president and CEO of Epicor, highlighted that Spectrum is perfectly aligned with the company’s strategy to provide comprehensive solutions and services to clients that bring both choice and flexibility. This acquisition will fit well with the manufacturing software provider’s environment in terms of technology, corporate culture and approach to customer service.
Epicor also anticipates that this acquisition will create new opportunities to deliver its manufacturing software solutions both domestically and internationally. The easy integration of the technology ensures the company will be able to quickly align the platform with many of its product lines, creating cross-selling opportunities to both ERP and HCM customers.
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