CDC Software Secures $30 million in New Financing to Fuel Expansion Plans
April 27 2010 - 8:34PM
Business Wire
CDC Software Corporation (NASDAQ:CDCS), a hybrid enterprise
software provider of on-premise and cloud deployments, today
announced it has secured $30 million in new financing from Wells
Fargo Capital Finance LLC, part of Wells Fargo & Company
(NYSE:WFC).
CDC Software plans to use the four-year senior secured revolving
credit facility for, among other things, general corporate
purposes, strategic growth initiatives such as mergers and
acquisitions, working capital and capital expenditures.
“We are delighted to establish this new relationship with Wells
Fargo Capital Finance and appreciate their support in our
strategies and operations, especially during this challenging
credit market environment,” said Matt Lavelle, CFO, CDC
Software.
“With our strong financial results, cash flow and this new
credit facility, we believe that CDC Software is well positioned to
execute further on its strategic growth plans that include organic
growth, geographic expansion, increased cross-sell opportunities,
and acquisitions in the Software-as-a-Service, or SaaS, space.”
“By providing this financing to CDC Software, a company that has
a strong recurring revenue base and that continues to execute
efficient cost management throughout its operations, the senior
management team can now take the next step toward achieving its
long-term strategic growth plans,” said Kurt Marsden, executive
vice president and head of the Technology Finance division of Wells
Fargo Capital Finance. “We look forward to this new relationship
and to helping CDC Software accomplish its goals.”
About CDC
Software
CDC Software (NASDAQ:CDCS), The Customer-Driven Company™, is a
hybrid enterprise software provider of on-premise and cloud
deployments. Leveraging a service-oriented architecture (SOA), CDC
Software offers multiple delivery options for their solutions,
including on-premise, hosted, cloud-based Software as a Service
(SaaS) or blended-hybrid deployment offerings. CDC Software's
solutions include enterprise resource planning (ERP), manufacturing
operations management, enterprise manufacturing intelligence,
supply chain management (demand management, order management and
warehouse and transportation management), e-Commerce, human capital
management, customer relationship management (CRM), complaint
management and aged care solutions.
CDC Software's recent acquisitions are part of its "acquire,
integrate, innovate and grow" strategy. Fueling the success of this
strategy is the company's global scalable business and technology
infrastructure featuring multiple complementary applications and
services, domain expertise in vertical markets, cost-effective
product engineering centers in India and China, a highly
collaborative and fast product development process utilizing Agile
methodologies, and a worldwide network of direct sales and channel
operations. This strategy has helped CDC Software deliver
innovative and industry-specific solutions to more than 6,000
customers worldwide within the manufacturing, distribution,
transportation, retail, government, real estate, financial
services, health care, and not-for-profit industries. For more
information, please visit www.cdcsoftware.com.
About CDC Corporation
The CDC family of companies includes CDC Software (NASDAQ:CDCS),
focused on enterprise software applications and services; CDC
Global Services, focused on IT consulting services, and outsourced
R&D and application development; CDC Games, focused on online
games; and China.com, Inc. (HKGEM:8006), focused on portals for the
greater China markets. For more information about CDC Corporation
(NASDAQ:CHINA), please visit www.cdccorporation.net.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995. These forward-looking statements include
statements regarding our expectations regarding our planned uses of
funds under the Wells Fargo credit facility, our beliefs regarding
our position for executing on future plans and strategies,
including those for strategic, organic, cross-sell and
acquisition–related growth, and other statements that are not
historical fact, the achievement of which involve risks,
uncertainties and assumptions. If any such risks or uncertainties
materialize or if any of the assumptions proves incorrect, our
results could differ materially from the results expressed or
implied by the forward-looking statements we make. These statements
are based on management's current expectations and are subject to
risks and uncertainties and changes in circumstances. There are
important factors that could cause actual results to differ
materially from those anticipated in the forward-looking
statements, including the following: (a) the ability to realize
strategic objectives by taking advantage of market opportunities in
targeted geographic markets; (b) the ability to make strategic
acquisitions and other investments; (c) changing circumstances that
may affect CDC Software Corporation and its affiliates; and (d)
risks relating to economic conditions and other matters beyond our
control. Further information on risks or other factors that could
cause results to differ is detailed in our filings or submissions
with the United States Securities and Exchange Commission, and
those of our ultimate parent company, CDC Corporation, located at
www.sec.gov. All forward-looking statements included in this press
release are based upon information available to management as of
the date of the press release, and you are cautioned not to place
undue reliance on any forward looking statements which speak only
as of the date of this press release. The company assumes no
obligation to update or alter the forward looking statements
whether as a result of new information, future events or otherwise.
Historical results are not indicative of future performance.
Cdc Software Corp. ADS, Each Representing One Class A Ordinary Share (MM) (NASDAQ:CDCS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cdc Software Corp. ADS, Each Representing One Class A Ordinary Share (MM) (NASDAQ:CDCS)
Historical Stock Chart
From Jul 2023 to Jul 2024