Published: April 4, 2011
Updated: 8:12 a.m.

O.C. software company bought for $976 million


Epicor Software, an Irvine developer of business software, is being bought for $976 million by private equity firm Apax Partners, according to

Apax said it is also buying Activant Solutions Inc., a Livermore, Calif., software company specializing in retail and distribution, and plans to combine Epicor and Activant into a privately held company named Epicor Software Corp., with 30,000 customers and $825 million in annual revenues.

Apax said the purchase price for both companies is $2 billion.

Apax is offering $12.50 a share in cash for Epicor, 11% higher than Epicor's closing price on Friday. The deal is expected to close by the end of June.

Epicor, founded in 1984, has 20,000 customers in 150 countries in the manufacturing, distribution, retail, hospitality and services industries.

Activant's customers are primarily in North America in the automotive aftermarket, hard goods retailers, lumber and building materials dealers and electrical and plumbing supply houses. It was founded in 1972.

"We are extremely excited to be bringing together two premier enterprise software companies through this innovative transaction to create a global market leader," said Jason Wright, a partner at Apax Partners. "In addition to the immediate product and service portfolio enhancements that will result from the combination, both companies' customers will benefit from the strong financial backing of Apax Partners and our commitment to building the new Epicor into the global leader for enterprise business applications."

Technology and telecommunications is one of five core industry sectors for Apax Partners, which has $40 billion under management worldwide.

Click here to read Apax's press release.