US firm swoops for listed software business in £90m deal

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US enterprise solutions firm Aptean is to acquire listed software firm Sanderson in a deal worth £90m.

Aptean Bidco will acquire the entire issued and to be issued ordinary share capital of Sanderson, which is Coventry-headquartered and has a large number of employees based at its Sheffield office.

Christopher Winn, Chairman of Sanderson, said: “The Board of Sanderson is unanimously recommending this offer to shareholders, viewing it as an endorsement of the Board’s strategy and achievement of its execution to date. Considerable shareholder value has been delivered by a progressive dividend policy over the years and this offer now enables shareholders to realise the rewards for their patience, support and investment over the past few years.”

TVN Reddy, Chief Executive Officer of Aptean, added: “The acquisition of Sanderson is a significant development for our business, it provides us with a critical entry-point into the UK market, building upon our leading position in the US market and granting an opportunity to accelerate our strategy of becoming the leading global provider of mission critical ERP and supply chain management software to the manufacturing, distribution, and other focused industries. We are excited to work with the management team and employees of Sanderson to build upon their strong position in the UK market, leveraging Aptean’s complementary experience, capabilities, network and resources.”

Hythem El-Nazer, Managing Director at TA Associates, said: “When we made our investment in Aptean earlier this year, a key tenet of our investment thesis was to leverage TA Associates’ global footprint to expand Aptean’s reach in the UK and more broadly in Europe. We are excited about the acquisition of Sanderson and believe that the combination is compelling, providing a solid foundation upon which we can build a meaningful and exciting European footprint.”

A team at Schofield Sweeney, led by Adrian Ballam, is advising Sanderson on the takeover offer. Orrick, Herrington & Sutcliffe (UK) LLP is legal adviser to Aptean Bidco and Aptean. N+1 Singer is Financial Adviser, Nominated Adviser and Corporate Broker to Sanderson.