Avantce’ Software Completes Acquisition of Select Business Solutions from Affiliates of The Gores Group
February 14, 2006
Boulder, CO, February 14, 2006 - The Gores Group and Avantce' Software announced today that Avantce' has completed the acquisition of Select Business Solutions from affiliates of The Gores Group. Select Business Solutions is a leading provider of mainframe-based solutions for data-extraction and reporting and application development tools.
"We are pleased to partner with Select's experienced management team and to play a role in guiding the company into its next phase of growth," said Jon Scheumann, a Managing Director of Avantce'. "Select offers premier solutions for complex data extraction and reporting in the mainframe environment, as well as leading application development tools. We expect the market for these applications to remain vibrant and we believe that Select is well positioned to serve its customers and capitalize on growth opportunities."
Kristi Kennedy, a Managing Director of Avantce' has assumed the role of Select's CEO. "We seek out companies like Select because of its history of providing premier software products to users and developers in complex IT environments" said Ms. Kennedy. As the former Chief Operating Officer of Allen Systems Group, Kennedy is quite familiar with the software industry. She went on to say "Based on our experience we believe strongly that Select has a very long and bright future ahead."
Catherine Babon Scanlon, Chief Financial Officer of The Gores Group, said "Gores is pleased that we have completed the sale of Select to Avantce' Software. We worked hard to ensure that the new owners of the business had a thorough understanding of the industry and were excited about the future of this business. We believe we found the right team in Avantce'."
Zolt Koczo and Hedley Apperly, both Senior Vice Presidents with Select commented "We believe there is a very good fit with Avantce' and their executive team." They continued "We are looking forward to working together to continue Select's success."
The company's products are in use at leading companies and governmental agencies such as IBM Global Services, Motorola, UBS AG, ING Bank, Boeing Company, P&O Ferries, D B Information Systems, Sun Life Assurance, Booz Allen Hamilton, ExxonMobil, Wakefern Food Corporation, Bank of America, Alliance & Leicester, Marks & Spencer, International Paper Company, Credit Lyonnais and Schering-Plough.
The company will retain the Select name and will be headquartered in Trumbull, CT.
About Select Business Solutions
Able to trace its roots back to 1975, Select Business Solutions is now a leading international software company operating in the application development, business intelligence and process management solutions markets.
Select Business Solutions is an international software company with customers drawn from the Global 1000. Select provides comprehensive solutions consisting of pragmatic tools and services, for business critical IT software development, deployment, management, information access and enterprise reporting. Select operates sales offices throughout North America and Europe, in addition to a network of international distributors.
Select Business Solutions' mission is to improve our customers' productivity by providing comprehensive solutions consisting of pragmatic tools and services for business critical software development, deployment and management, as well as business intelligence. For more information please visit www.selectbs.com.
About Avantce' Software
Avantce' Software is a private investment company focused on investments in the Information Technology industry. Avantce's investment strategy is to purchase equity interests in companies and apply additional capital for growth opportunities and consolidation acquisitions.
The Principals of Avantce' have a collective experience of over 60 years in the software and professional services industries and have participated in more than 40 successful transactions. Leveraging this experience, Avantce' is focused on additional acquisitions within the software industry. For more information, please visit www.avantce.com.
About The Gores Group
Founded in 1987, The Gores Group is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group has become a leading investor, primarily in the technology and telecommunications sectors, having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. Headquartered in Los Angeles, California, The Gores Group maintains offices in Boulder, Colorado and London. For more information please visit www.gores.com.