Business & Decision to Acquire Inforte for $4.25 Per Share
May 14 2007 - 1:30AM
PR Newswire (US)
Acquisition Increases Business & Decision's CRM and Business
Intelligence Capability PARIS and CHICAGO, May 14
/PRNewswire-FirstCall/ -- Business & Decision Group (Euronext:
BND) and Inforte Corp. (NASDAQ:INFT) today announced that they have
entered into a definitive agreement under which Business &
Decision will acquire Inforte for $4.25 per share in an all-cash
transaction. The transaction is valued at approximately $50 million
and represents a 33% premium to Inforte's closing share price on
May 11, and a net cash purchase price of approximately $22 million
adjusted for Inforte's expected cash balance as of May 14, 2007.
The terms of the transaction have been unanimously approved by the
Boards of Directors of both companies. Inforte Chairman, Philip
Bligh, and CEO, Stephen Mack, (representing approximately 30% of
the current shares outstanding) have committed to vote their
Inforte shares in favor of the transaction. The transaction is
expected to be completed in approximately 90 days. "The acquisition
of Inforte furthers Business & Decision's strategic goals of
increasing shareholder value and growing our international business
both organically and through acquisition," said Business &
Decision's Founder and Chairman Patrick Bensabat. "With this
transaction, we strengthen our US, UK and India presence and
capabilities and establish a German practice. Inforte brings more
than 200 highly skilled consultants who are well regarded in the
market for their SAP Business Intelligence and CRM domain
expertise. It also creates exciting opportunities for us to
increase our expertise in key industry verticals and continue to
deliver superior service to our clients. I look forward to working
with the new combined team." Robin Kearon, CEO of Business &
Decision in North America, added, "Inforte brings a strong team of
highly talented professionals and an excellent portfolio of premier
clients. With this acquisition, we can now deliver the full
spectrum of Business & Decision's services to all of our main
markets." "This transaction benefits our customers, employees and
shareholders," said Stephen Mack, Interim CEO of Inforte. "Business
& Decision is at the forefront of Business Intelligence and CRM
solutions and this makes it an ideal partner for Inforte, which is
known as a best-in-class provider of SAP Business Intelligence and
visionary CRM solutions. We will be able to provide a stronger
future for our employees as well as broader offerings to our
customers. We are delighted to join the Business & Decision
team." Advisors Savvian Advisors, LLC acted as exclusive financial
advisor to Inforte and provided a fairness opinion to the Board of
Directors of Inforte. Foley & Lardner LLP acted as legal
advisor to Inforte. Morgan, Lewis & Bockius LLP acted as legal
advisor to Business & Decision. About Business & Decision
Group Founded in 1992, Business & Decision is an international
consulting firm specializing in Business Intelligence (BI),
Customer Relationship Management (CRM), Enterprise Applications
(ERP) and E-Business. The Group works with clients to facilitate
system implementation to assist business performance management
(dashboards, reporting, consolidation etc.); customer relationship
management (sales force automation, call centers, campaign
management, analytical CRM); and E-Business (intranet and extranet
portals, directories and Meta directories, e-commerce, knowledge
management, Open source technologies). Business & Decision has
been listed on the Euronext Paris since 6 February 2001
(compartment C / Isin code: FR 00000 7895 8 / Symbol: BND).
Business & Decision is also listed in the NextEconomy segment
as well as the IT-Cac (technology market). With more than 2,000
employees (in Europe and North America), Business & Decision
has developed a 'complete project approach' that ranges from
consultation to implementation. The Group has a reputation for its
functional and technological expertise and has forged partnerships
with the key technology vendors. Today Business & Decision
provides services to more than 1,200 clients. For more information,
please visit http://www.businessdecision.com/. About Inforte Corp.
Inforte helps companies acquire, develop and retain profitable
customers with a unique combination of strategic, analytic and
technology deployment services. Our approach enables clients to
improve their understanding of customer behavior; successfully
apply this insight to customer interactions; and continually
analyze and fine-tune their strategies and tactics. Founded in
1993, Inforte is headquartered in Chicago with offices in Atlanta;
Delhi, India; Hamburg, Germany; London, United Kingdom. For more
information, call 800.340.0200 or visit http://www.inforte.com/.
DATASOURCE: Business & Decision CONTACT: media, Isabelle Serra,
+33 (0)1 56 21 21 25 or (fax) +33 (0)1 56 21 21 22, ; or Robin
Kearon, +1-610-230-2500, , both of Business & Decision Web
site: http://www.businessdecision.com/ http://www.inforte.com/
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