DUBLIN, CA -- Epicor Software Corporation, a global leader in business software solutions for manufacturing, distribution, retail and services organizations, announced that it has completed its previously announced acquisition of Solarsoft Business Systems. Epicor also announced preliminary financial results for its fiscal 2012 full year ended on September 30.
Epicor completed its acquisition of Solarsoft Business Systems for $155 million which was funded with cash on hand and a draw on an existing revolving credit facility of $69 million.
"This acquisition strengthens our leadership in the manufacturing and distribution segments worldwide," said Pervez Qureshi, CEO and president of Epicor. "The addition of Solarsoft extends our innovative software offerings to a broader range of customers and industries--from automotive parts to packaging to life sciences, from food and beverage to electrical components to lumber and building materials. These solutions, which enable customers to monitor business and boost operating efficiency, are well aligned to Epicor offerings. We are pleased to have completed this acquisition slightly ahead of schedule and excited to begin the process of integrating Solarsoft with Epicor."
Epicor also announced that based on its preliminary financial data, the Company expects total revenue for fiscal 2012 to be in the range of $866 to $870 million, compared to fiscal 2011 pro forma total revenue of $847 million, an increase of 2-3% from fiscal 2011. The Company expects Adjusted EBITDA to be in the range of $220 to $222 million for fiscal 2012 representing a 14% increase over the prior year Pro Forma Adjusted EBITDA of $194 million which was driven by increased revenue, as well as synergies achieved from the 2011 merger of Activant and Epicor. The Company expects the net loss for fiscal year 2012 to range from $36 million to $42 million as compared to a net loss of $56 million from Inception to September 30, 2011.
"Despite the challenging economic environment, particularly in Europe, we believe our strong performance in fiscal 2012 demonstrates that our product offerings continue to gain market share," said Qureshi. "We continue to expand the reach of our enterprise business solutions for manufacturers, distributors, retailers and service organizations globally, selling into more markets than ever before, and as a result sales pipelines are strong. Epicor's growth is driven by our deep understanding of the industries we serve and clear focus on customer satisfaction that drives business inspiration and innovation. Our recently launched 'Business Inspired' brand and messaging fully supports our customer-centric focus and core values--to deliver solutions and services that increase customer productivity and efficiency, freeing them to focus on growth and differentiation and inspiring new possibilities for their businesses."