Mapics Acquires Frontstep
Companies plan to combine their enterprise software for mid-sized manufacturers.Mapics Inc., a developer of enterprise resource planning software for manufacturers, announced this morning it is acquiring fellow ERP developer Frontstep Inc. Terms of the deal include the exchange of 4.2 million shares of Mapics common stock, valued at around $26 million, for all the outstanding shares of Frontsteps and the assumption by Mapics of Frontsteps debts and other liabilities. The deal is expected to close during the first quarter of 2003. The combined company could be a formidable competitor in the mid-market, with more than 10,000 implementations at discreet and process manufacturers sites worldwide.
Collectively, Mapics and Frontstep, formally known as Symix, will provide a line of extended ERP, CRM (customer relationship management) and SCM (supply chain management) software for mid-size companies. Mapics plans to leverage Frontsteps investment in its SyteLine 7 software, built on Microsoft Corp.s .Net platform, at the same time it continues to build out its own software on IBMs platform.