BURLINGTON, Mass., Feb. 18, 2014 /PRNewswire/ -- ClickSoftware
Technologies Ltd. (NasdaqGS: CKSW), the leading provider
of automated mobile workforce management and optimization
solutions for the service industry, today announced it has entered
into a definitive agreement to acquire Xora Inc., a cloud-based
market leader in mobile workforce management, by merger. Under the
terms of the merger agreement, the consideration for the
transaction is approximately $14.7
million in cash, plus working capital and cash adjustments.
The closing is subject to certain closing conditions and purchase
price adjustments, and is expected to occur in the coming
weeks.
Xora, Inc., based in Mountain View,
California, provides software-as-a-service (SaaS) solutions
for companies whose success depends on the productivity and
efficiency of 'always mobile' workers. Xora delivers its solutions
to more than 130,000 users and is one of North America's largest providers of mobile
workforce management solutions. The company was recognized by
Frost & Sullivan in 2012 with the Market Share Leadership
Award for its intuitive StreetSmart application that helps
companies, across a wide variety of industries, to more effectively
manage the activities and performance of their employees in the
field. Among Xora's distinguished partners are US leading carriers
such as Verizon, AT&T and Sprint.
The combination of Xora and ClickSoftware creates a company with
breadth and depth for a much bigger market under one roof.
ClickSoftware strengthens its leadership position by offering
customers a broader range of cloud-based mobile workforce
management apps. Xora benefits from ClickSoftware's international
presence and access to service resource optimization products. This
acquisition will also extend ClickSoftware's market reach into the
SMB (Small and Medium Businesses) market and opens a distribution
channel through leading wireless carriers. ClickSoftware,
which was already managing the largest community of mobile workers,
will now add the 130,000 users of Xora to its more than 500,000
user base and will distance itself further ahead from the
competition.
"The acquisition of Xora is an important and strategic addition
to our mobile workforce management business and accelerates our
cloud recurring revenues," said Dr. Moshe
BenBassat, ClickSoftware's Founder and CEO. "The visions and
cultures of both companies are perfectly aligned, bringing together
the management of mobile workers, tasks, and physical assets such
as equipment and vehicles. By combining ClickSoftware's
sophisticated, highly configurable offerings for the large and
higher end of the mid-size enterprise market with Xora's suite of
configurable, ready-to-use solutions for the lower end of the
mid-size and small business market, we achieve the strategic
objective to offer a complete portfolio of best-in-class mobile
apps for all business roles, in all size companies, in all industry
verticals. Xora's extensive and long term experience selling
packaged apps through the wireless carriers like AT&T, Verizon
and Sprint, considerably expands our distribution channels. We
welcome Xora's CEO Anne Bonaparte
and her technology savvy professional team to the ClickSoftware
family."
"I am very excited to have Xora become part of ClickSoftware and
our future together. Our companies share a focus on customer
success, leading-edge technology and innovation," said Anne Bonaparte, Xora's CEO. "Becoming part
of the ClickSoftware team serves to extend Xora's impact and global
reach."
Research from Frost & Sullivan indicates that the market for
Mobile Workforce Management Solutions will continue to grow, and
estimates that annual North American revenues will grow at a
Compound Annual Growth Rate (CAGR) of 40.5% to reach almost
$3 billion by 2018. The research also
indicates that market penetration remains low, with 45% of
businesses planning to introduce or expand mobile application
deployment over the next three years (Source: Mobile Workforce
Management Market: Prepackaged Mobile Field-Based Worker
Applications in North America,
Frost & Sullivan report NC4B-65, December 2013). The acquisition of Xora is
intended to enable ClickSoftware to quickly expand its access to
this growing market and extend its market leading position.
"Combining ClickSoftware and Xora is just the type of
acquisition that will contribute to the high rate of growth in the
market of mobile workforce management solutions. There is a
tremendous amount of opportunity in this market, and this
acquisition positions ClickSoftware to reap a healthy portion of
it," said Jeanine Sterling,
Principal Analyst at Frost & Sullivan. "There are a multitude
of benefits that make this development between two market leaders a
mutual win, mostly based on synergies in product capabilities,
target markets, and channel relationships. Our mobile enterprise
applications research shows a steady migration of customers toward
cloud-based solutions. This deal will accelerate
ClickSoftware's ability to satisfy this preference -- with both its
new and embedded customers. Distribution relationships should also
expand in a good way. Xora has created and nurtured strong
channel partnerships with Tier 1 wireless carriers, which should
nicely complement ClickSoftware's own partner and distribution
efforts, providing a mutual opportunity to expand
distribution."
Management Conference Call
ClickSoftware will host a
conference call today at 9:00 a.m.
EST to discuss this transaction, as well as answer questions
from the investment community. To participate, please call
(888) 407-2553 and ask for the ClickSoftware conference call.
International participants, please call +972-3-918-0610. The call
will be broadcasted by live webcast on the internet (in listen mode
only) at http://ir.clicksoftware.com. A replay of this
webcast will be available on the ClickSoftware website and on the
Investor Relations App. Alternatively, a telephone replay of the
call will be available for a week by calling (888) 295-2634
(international callers can dial +972-3-925-5927).
About ClickSoftware
ClickSoftware (NasdaqGS: CKSW) is
the leading provider of automated mobile workforce management and
service optimization solutions for the enterprise, both for mobile
and in-house resources. As pioneers of the "Service chain
optimization" and "The real-time service enterprise" concepts, our
solutions provide organizations with end-to-end visibility and
control of the entire service management chain by optimizing
forecasting, planning, shift and task scheduling, mobility and
real-time management of resource and customer communication.
Available via the cloud or on-premise, our products incorporate
best business practices and advanced decision-making algorithms to
manage service operations more efficiently, in a scalable,
integrated manner. Our solutions have become the backbone for many
leading organizations worldwide by addressing the fundamental
question of job fulfillment: Who does What, for Whom, With what,
Where and When.
ClickSoftware is the premier choice for delivering superb
business performance to service sector organizations of all sizes.
The Company is headquartered in the
United States and Israel,
with offices across Europe, and
Asia Pacific. For more
information, please visit http://www.clicksoftware.com. Follow us
on Twitter, the content of which is not incorporated herein by
reference.
To download ClickSoftware's investor relations app, which offers
access to SEC documents, press releases, videos, audiocasts and
more, the content of which is not incorporated herein by reference,
please visit Apple's App Store to download on your iPhone and iPad,
or Google Play for your Android mobile device.
About Xora
Xora is a market leader in mobile workforce
management. Our flagship product is a suite of configurable mobile
apps and a web-based management application that helps mobile
businesses and their field employees work smarter and faster. Xora
mobile apps turn any mobile device into a powerful productivity
tool. The management application lets you analyze data for better
decision making. By integrating our products with back-office
systems, you can automate business processes and eliminate manual
paperwork. Xora's cloud-based model makes deployment easy and cost
effective for any organization. More than 15,000 organizations rely
on Xora every day to save money and grow their businesses. Frost
& Sullivan honored Xora with its 2012 Market Share Leadership
Award for being North America's #1
market leader in mobile workforce management. For more information,
visit www.xora.com, the content of which is not incorporated herein
by reference.
Safe Harbor Statement
This press release contains
express or implied forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 and other U.S.
Federal Securities Laws. These forward-looking statements include,
but are not limited to, those statements regarding the expected
closing date for the acquisition of Xora, the expected benefits
from this acquisition, anticipated market needs and the expected
increase in the number of markets ClickSoftware can address. Such
"forward-looking statements" involve known and unknown risks,
uncertainties and other factors that may cause actual results or
performance to differ materially from those projected. Achievement
of these results by ClickSoftware may be affected by many factors,
including, but not limited to, risks and uncertainties regarding
the completion of conditions necessary to close the Xora
acquisition, the general economic outlook, ClickSoftware's ability
to close sales to potential customers in a timely manner and
maintain or strengthen relationships with strategic partners,
ClickSoftware's ability to retain Xora's customers and employees,
the ability of ClickSoftware to integrate Xora's technology with
its existing offerings and ClickSoftware's ability to maintain or
increase its sales pipeline. The forward-looking statements
contained in this press release are subject to other risks and
uncertainties, including those discussed in the "Risk Factors"
section and elsewhere in ClickSoftware's annual report on Form 20-F
for the year ended December 31, 2012
and in subsequent filings with the Securities and Exchange
Commission. Except as otherwise required by law, ClickSoftware is
under no obligation to (and expressly disclaims any such obligation
to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.
ClickSoftware
Contact:
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Investor Relations Contact:
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Noa
Schuman
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Rob Fink
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Investor
Relations
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KCSA Strategic Communications
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+972-3-7659-467
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212-896-1206
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Noa.Schuman@clicksoftware.com
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rfink@kcsa.com
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SOURCE ClickSoftware