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Made2Manage Systems to Acquire Capri Corp.
November 7, 2005 |Estimated reading time: 1 minute
DOWNERS GROVE, Ill., and INDIANAPOLIS — Capri Corp., a supplier of enterprise resource planning (ERP) software and services to the PCB industry through its operating subsidiary Cimnet Systems Inc., has entered into a definitive merger agreement that will result in an acquisition by Made2Manage Systems Inc.
Made2Manage Systems has agreed to pay $5.0 million in cash to acquire Capri, less an amount equal to all transaction expenses incurred by Capri. As a result, Capri's shareholders will receive approximately $0.23 per share of Capri common stock, less a per-share amount to account for the deduction of Capri's transaction expenses.
"This acquisition is representative of Made2Manage Systems' focus on better serving and building relationships with our customers by offering them deeper industry expertise and functionality," says Jeff Tognoni, Made2Manage's president and CEO. "Adding Cimnet to the Made2Manage Systems family will allow us to grow market share and profitability while we expand geographically and strengthen our presence in the PCB manufacturing sector."
Cimnet customers will not experience any disruption in service delivery, customer support or training during the transition, according to Mehul Davé, Capri's president. The Boards of Directors of Capri and Made2Manage have approved the transaction. Subject to approval by Capri's shareholders and customary closing conditions, the transaction is expected to close by 2005's end.