AUSTIN, Texas, Feb. 5, 2021 /PRNewswire/ -- E2open (the
"Company"), a leading provider of supply chain management software,
and CC Neuberger Principal Holdings I (NYSE: PCPL), a special
purpose acquisition company, today announced that they have
completed their business combination. The transaction has been
unanimously approved by the board of directors of CC Neuberger
Principal Holdings I and was approved at a special meeting of CC
Neuberger Principal Holdings I shareholders on February 2, 2021. The common stock of the
combined company will trade under the symbol "ETWO" on the New York
Stock Exchange, beginning February 5,
2021. Michael Farlekas, who has served as CEO of the Company
since 2015, will continue to lead the business.
E2open is a leading end-to-end and cloud-based supply chain
management SaaS platform. The Company's software solutions
orchestrate complex global supply chains and drive compelling value
and ROI for its diverse and sophisticated blue-chip customers.
Additionally, E2open benefits from attractive secular tailwinds as
companies endeavor to accelerate growth, reduce costs, increase
visibility, and drive improved resiliency across their supply
chains in an increasingly complex global economy. The Company's
software combines networks, data and applications to provide a
deeply embedded, mission-critical platform that allows customers to
optimize their supply chain across channel shaping, business
planning, logistics, global trade, manufacturing and supply
management.
"We are pleased to complete our business combination with CC
Neuberger Principal Holdings I and begin our next chapter as a
public company," said Mr. Farlekas. "I am incredibly proud of the
work our team is doing to help our customers reduce costs and
accelerate revenue using our supply chain management software
solutions. Leveraging our recapitalized balance sheet and the
significant experience of the CC Capital, Neuberger Berman, Insight
Partners, and Evergreen Coast Capital Corp. (the private equity
affiliate of Elliott Investment Management L.P.) teams, we believe
E2open is poised to accelerate its growth and capitalize on the
significant opportunities to generate substantial value for all
stakeholders."
"As an industry-leading cloud technology platform, E2open is
positioned to benefit from increased demand for supply chain
management software solutions going forward," said Chinh Chu and Douglas
Newton, Co-Founders and Senior Managing Directors of CC
Capital, as well as Charles Kantor,
Senior Portfolio Manager of Neuberger Berman. "We are excited about
E2open's opportunity for organic growth acceleration and
strategically accretive acquisitions, and believe the Company has a
long runway for value creation as a publicly traded company."
Key Transaction Terms and Details
At the closing of the transaction, CC Neuberger Principal
Holdings I was domesticated as a Delaware corporation and its name has been
changed to E2open Parent Holdings, Inc. (NYSE: ETWO).
A more detailed description of the transaction terms will be
included in a current report on Form 8-K to be filed by E2open
Parent Holdings, Inc. with the U.S. Securities and Exchange
Commission ("SEC").
Credit Suisse served as lead financial advisor and Lazard also
served as financial advisor to E2open. Morgan Stanley & Co. LLC
and Goldman Sachs acted as M&A advisors to CC Neuberger
Principal Holdings I. Goldman Sachs acted as lead placement agent
and lead capital markets advisor and Credit Suisse and Morgan
Stanley & Co. LLC were also placement agents for CC Neuberger
Principal Holdings I. Willkie Farr
& Gallagher LLP acted as legal counsel to E2open and Kirkland
& Ellis LLP acted as legal counsel to CC Neuberger Principal
Holdings I.
About E2open
At E2open, we're creating a more connected, intelligent supply
chain. It starts with sensing and responding to real-time demand,
supply and delivery constraints. Bringing together data from
clients, distribution channels, suppliers, contract manufacturers
and logistics partners, our collaborative and agile supply chain
platform enables companies to use data in real time, with
artificial intelligence and machine learning to drive smarter
decisions. All this complex information is delivered in a single
view that encompasses your demand, supply and logistics ecosystems.
E2open is changing everything. Demand. Supply. Delivered.
Visit www.e2open.com.
E2open, the E2open logo and Harmony are registered trademarks of
E2open, LLC. All other trademarks, registered trademarks and
service marks are the property of their respective
owners.
About CC Neuberger Principal Holdings I
CC Neuberger Principal Holdings I is a special purpose
acquisition company that completed its initial public offering in
April 2020, raising $414 million in proceeds. Led by Chinh Chu, Douglas
Newton, Charles Kantor and
other senior professionals of CC Capital and Neuberger Berman, CC
Neuberger Principal Holdings I was formed for the purpose of
entering into a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination with one
or more businesses.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements. Forward-looking statements generally
relate to future events or E2open's future financial or operating
performance. For example, projections of future growth, financial
performance and other metrics are forward-looking statements. In
some cases, you can identify forward-looking statements by
terminology such as "may," "should," "expect," "intend," "will,"
"estimate," "anticipate," "believe," "predict," "potential" or
"continue," or the negatives of these terms or variations of them
or similar terminology. Such forward-looking statements are subject
to risks, uncertainties and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward looking statements. These forward-looking statements
are based upon estimates and assumptions that, while considered
reasonable by E2open and its management, are inherently uncertain.
Factors that may cause actual results to differ materially from
current expectations include, but are not limited to: (1) the
outcome of any legal proceedings that may be instituted against
E2open with respect to the completed business combination between
CCNB1 and E2open (the "Business Combination"); (2) the ability to
recognize the anticipated benefits of the Business Combination,
which may be affected by, among other things, competition, the
ability of E2open to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (3) changes in applicable laws or
regulations; (4) the possibility that E2open may be adversely
affected by other economic, business and/or competitive factors;
(5) E2open's estimates of expenses and profitability; and (6) other
risks and uncertainties set forth in the section entitled "Risk
Factors" and "Cautionary Note Regarding Forward- Looking
Statements" in CCNB1's final prospectus relating to its initial
public offering, dated April 23,
2020, subsequent quarterly reports on form 10-Q and
definitive proxy statement, filed with the SEC on January 12, 2021 in connection with the Business
Combination. Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. E2open does not take
any duty to update these forward-looking statements.
Contacts
Investor Contacts
Investor Contact:
ICR, Inc. for E2open
Michael Bowen / Marc P. Griffin
Investor.relations@E2open.com
646-277-1290
Media Contacts
CC Neuberger Principal Holdings I
CC Capital
Jonathan Keehner / Julie Hamilton / Kate
Thompson
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
Neuberger Berman
Alex Samuelson
Alexander.Samuelson@NB.com
(212) 476-5392
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SOURCE CC Neuberger Principal Holdings I