QAD spends $5m cash on compliance apps maker
Enterprise software and services provider QAD has acquired Michigan-based quality management and regulatory compliance applications provider CEBOS, for $5m in cash.
QAD paid $3.5m upon closing of the transaction, and will pay $1.5m over the next two years subject to an earn-out.
Through this acquisition, QAD plans to build on CEBOS' existing markets and further expand the penetration of CEBOS' applications into QAD's global customers.
The acquisition will see CEBOS operate as a division of QAD, similar to its Precision and DynaSys divisions.
QAD chairman and president Pamela Lopker said the acquisition is expected to enhance its quality management functionality with an improved application for its key vertical markets.
"The in-depth knowledge and technical expertise within CEBOS will greatly enhance our offerings in the field of quality management," Lopker said.