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Cloud SCM vendor iTradeNetwork being sold for $525 million
- — 27 July, 2010 03:59
Roper Industries said Monday it plans to buy on-demand SCM (supply chain management) software vendor iTradeNetwork from private equity firm Accel-KKR for US$525 million. The transaction is expected to close later this week.
Some 6,200 customers use iTradeNetwork's offering, which is aimed at the food industry. The pending deal will provide Roper with "additional scale to pursue acquisitions in the software solutions space," according to a statement.
Read Part 1 of Supply Chain Management in Australia.
ITradeNetwork has apparently developed a loyal customer base, a key goal for SaaS vendors since they sell on a subscription basis and customers can more easily switch to other providers compared to on-premises software. The company's contracts have enjoyed a 99 percent renewal rate, according to Roper.
Roper is retaining iTradeNetwork's management team, including CEO Rob Bonavito, according to a statement.
ITradeNetwork's software will work in concert with technologies Roper gained from its previous acquisitions of TransCore and the CBORD Group, according to Ray Wang, partner with Altimeter Group.
TransCore develops RFID (radio frequency identification) and vehicle-tracking technologies, while CBORD's products include cashless card systems and food service management software.
Meanwhile, iTradeNetwork's application provides customers with product sourcing, procurement, supply chain analytics and other capabilities.
ITradeNetwork's software "is solving the food problem today, but it's applicable to other [industries]," Wang added.
Roper's overall strategy is to build "really rich" trading partner networks in a variety of industries with complex supply chains, he said.
Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris's e-mail address is Chris_Kanaracus@idg.com