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CONTACT INFORMATION
Indus International
www.indus.com
FOR IMMEDIATE RELEASE
Indus and MDSI to Combine
in a Private Equity Transaction Sponsored by Vista Equity Partners
Creates Leader for Asset, Customer and Service Management
ATLANTA - October 23, 2006 – Indus International,
Inc. (NASDAQ: IINT), a leading Service Delivery Management (SDM™)
solution provider, and Vista Equity Partners, a $1 billion private
equity investment firm based in San Francisco, CA, today announced
they have entered into a merger agreement under which Indus, subject
to customary closing conditions, will be acquired by an affiliate
of Vista in an all-cash transaction valued at approximately $240
million. Upon completion of the merger, Vista intends to combine
Indus with MDSI Mobile Data Solutions Incorporated, a Vista portfolio
company and the worldwide leader in enterprise mobile workforce
management software. The stockholders of Indus, subject to customary
closing conditions, will receive $3.85 in cash in exchange for each
share of Indus stock.
“The combination of these two industry leaders is a game-changing
event,” said Greg Dukat, President and CEO of Indus. “Together
our products epitomize the Service Delivery Management philosophy,
combining the functionality of best-of-breed enterprise asset management,
field service management and customer management applications, to
help service delivery organizations optimize interrelated business
processes. Along with our emerging strength in the commercial client
market, the combined company’s client base will include 5
of the top 10 cable companies and 18 of the top 20 utility companies
in North America, as well as some of the world’s largest telecommunications
companies. The combined footprint of Indus and MDSI will create
the most attractive suite of products for the market.”
Indus and MDSI to Combine in a Private Equity Transaction Sponsored
by Vista Equity
Partners, Vince Burkett, MDSI’s President and CEO adds that
“the combination of our two companies will bring together
expertise and thought leadership that’s not found elsewhere
in the industry. Together we will provide our clients with a broader
solution suite to fully optimize their service delivery processes.”
According to Robert F. Smith, Managing Principal of Vista Equity
Partners, “We are long-term investors in technology-enabled
companies that are committed to leadership in their markets. We
have been impressed with the product offerings, vision and market
leadership found within Indus. We feel that a combination of Indus
and MDSI will create a company that will be uniquely positioned
to offer an end to-end solution for service delivery management.
The proven management teams at both companies and unparalleled client
base will be leveraged to provide clients with a single source for
managing and optimizing their operations.”
The Board of Directors of Indus has unanimously approved the merger
agreement and recommended that the stockholders vote in favor of
it. Indus will hold a special meeting of stockholders to approve
the merger, where a majority of the outstanding shares of Indus
are required to approve the offer in order for the transaction to
proceed. The closing is subject to customary closing conditions,
including antitrust clearances. The transaction is expected to close
within the next 90 days.
Credit Suisse has acted as financial advisor to Indus for this
transaction.
About Indus International
Indus is a leading Service Delivery Management (SDM) solution provider,
helping clients in a broad array of industries optimize the management
of their customers, workforce, spare parts inventory, tools and
documentation in order to maximize performance and customer satisfaction
while achieving significant cost savings. Indus customer, asset
and workforce management software products, professional services
and hosted service offerings improve our clients’ profitability
by reducing costs, increasing capacity and competitiveness, improving
service to their customers, facilitating billing for services and
ensuring regulatory compliance. Indus solutions have been purchased
by more than 300 companies in more than 40 countries, representing
diverse industries – including manufacturing, utilities, telecommunications,
government, education, transportation, facilities and property management,
high tech, consumer packaged goods and more. For more information,
visit www.indus.com.
About MDSI
MDSI is the largest, most successful provider of enterprise mobile
workforce management software in the world. MDSI's solutions improve
customer service and relationships and reduce field operating costs
by allowing companies to more effectively manage all mobile resources.
Headquartered in Richmond, BC, Canada, MDSI was founded in 1993
and has approximately 275 employees. The company has operations
and support offices in the United States, Canada, Europe and South
Africa. MDSI services approximately 110 clients, including 80% of
the top 20 North American Utilities, and 50% of the top 10 North
American Cable companies, and has licensed more than 100,000 field
service users around the world. For more information, visit www.mdsi.ca
About Vista Equity Partners
Vista Equity Partners currently invests $1 billion in capital committed
to dynamic, successful technology-based organizations led by world-class
management teams with long-term perspective. Vista is a value-added
investor, contributing professional expertise and multi-level support
toward companies realizing their full potential. Vista's investment
approach is anchored by a sizable long-term capital base, experience
in structuring technology-oriented transactions, and proven management
techniques that yield flexibility and opportunity in private equity
investing. For more information, visit www.vistaequitypartners.com.
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