Gores Technology Group, LLC Completes Acquisition of Real Software NV
April 7, 2004
Los Angeles, CA - April 7, 2004 - Gores Technology Group LLC ("Gores"), through an affiliate, announced today that it has acquired Real Software's ("Real") bank debt and that Real's shareholders approved the conversion of the majority of the acquired debt into equity.
Real's shareholders, during an extraordinary meeting, approved the conversion of 157,036,633.13 euros of debt into 150,996,763 new shares. Further, Gores has agreed to make available to Real up to10 million euros for working capital. The remaining debt of 45 million euros is restructured such that the first interest and capital reimbursement payments are due in June 2006. Gores now controls 83 percent of Real Software.
"The significant investment by Gores will enable Real Software to continue moving forward positively and to accomplish its strategic mission of providing world-class product and service to our customers and the market," said Theo Dilissen, Chief Executive Officer of Real Software.
Ashley Abdo, Group President of Gores, added, "We are excited to have Real Software join the Gores portfolio of companies. Real software is another strategic acquisition that furthers our mission of providing critical IT services and software in Belgium, the Netherlands, Luxembourg, France and other European countries."
About Real Software NV
Real Software was established in 1986. In 2002, a group turnover of €179.6 million was generated, with an operating profit (EBIT) of €14 million, representing an EBIT margin of 7.8%. The Real Software Group currently has 1,533 employees. Since 2002, the group's organization has been based around four divisions: Banking & Insurance, Industry (formerly Manufacturing & Maintenance), Business & Government and Retail. It offers a comprehensive range of software services, from the development and implementation of in house products, tailor-made projects and outsourcing through to advice, implementation and sales of products produced by other companies such as SAP, JD Edwards, Oracle, Microsoft Navision and Microsoft Axapta. The company exports Belgian technology to a number of countries, including Luxembourg, the Netherlands and France. Its customer portfolio includes companies such as Du Pont de Nemours, Carrefour, Johnson & Johnson, Merck Sharp & Post, NedCar, Philips, Bandag, Goodyear, KBC Bank and Fortis Bank. You can find more information at ww.realsoftwaregroup.com
About Gores Technology Group, LLC
Gores Technology Group, LLC ("Gores") is a private investment firm focused on the technology and telecommunications sectors. The firm combines the seasoned M & A team of a traditional financial buyer with the operational expertise and detailed due diligence capabilities of a strategic buyer. Gores has a long standing record of creating sustainable value in its portfolio companies by focusing on customers and employees, supporting management with operational expertise and providing the capital required for growth. Headquartered in Los Angeles , California , Gores maintains offices in Boulder , Colorado ; New York ; London ; and Zürich.
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