From: ASAP
Island Pacific (AMEX: IPI) announced today the completion of the acquisition of Page Digital, Inc., a leading provider of open systems-based end-to-end multi-channel commerce solutions. The purchase price was $7 million, payable through a combination of cash and issuance of stock. The acquisition is expected to be immediately accretive.
The companies have been collaborating with each other since an Agreement of Merger and Plan of Reorganization was signed on November 20, 2003. “This acquisition has added powerful e-commerce, CRM and Catalog Management tools to our solutions set,” said Harvey Braun, chairman and chief executive officer of Island Pacific. “The integration of these solutions with the existing IP product suite significantly expands our multi-channel retail distribution and customer service chain. We believe having the ability to offer a true end-to-end solution enhances the value of our entire product line.”
Larry Page, former chief executive officer of Page Digital, has been appointed Island Pacific’s chief technology officer. “Our initial focus has been to integrate synaro, in use by retailers like Lands' End, IBM, Michaels Stores and Hershey Foods, into the IP solution set, which is used by retailers such as American Eagle Outfitters, Timberland, and The Limited. With our combined forces, we can offer comprehensive solutions that have been proven in the field with some of the world’s leading retailers. As we share knowledge and our product development teams collaborate, I have no doubt we will lead in the development of our industry’s next generation products.”
About Island Pacific For more than 25 years, Island Pacific has developed a reputation for delivering high-quality, high-reliability software to the retail industry. Recently, the company has transformed itself into the low-cost, high-value provider of retail enterprise solutions by developing breakthrough technologies, and by partnering with leading consulting organizations to provide next-generation services. In addition, Island Pacific leverages its years of experience with emerging and established retailers to craft creative solutions tailored for each customer’s needs. As a result, Island Pacific is the definitive resource for scalable, flexible and affordable solutions for retailers around the world.
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