24th Sep 2009 07:30
PREMIER FARNELL ACQUIRES DEVELOPER OF SPECIALIST CAD SOFTWARE FOR DESIGN ENGINEERS
Premier Farnell announces that it has acquired the entire issued share capital of CadSoft Computer GmbH, a leading German-based developer and supplier of specialist computer aided design (CAD) software for design engineers and the business of CadSoft Computer Inc., in the US.
CadSoft has operated for 20 years in its chosen market and, during that time, has provided its CAD software, known as EAGLE, to over 40,000 design engineers, throughout Europe and the USA building a strong reputation with this customer base for quality and value.
Premier Farnell is a leading high service distribution group focused on the needs of electronic design engineers and purchasing professionals globally. The acquisition of CadSoft is an enhancement to this core strategy as the company focuses on meeting engineers' needs for technology, information, tools and software, as well as internationalising its proposition and services for the rapidly developing Asian markets.
Commenting on the acquisition CEO Harriet Green said "We are excited by the opportunity this acquisition affords us to attract new design engineering customers as we offer them access to industry leading software and our outstanding range of products and support. The EAGLE software will enable us to facilitate design exchange between engineers through element14, our design community, which when combined with our leading edge transactional websites offers customers a complete online solution to their purchasing and design needs".
The shares of CadSoft Computer GmbH are being acquired from its two founders, who developed the EAGLE software and who will remain with the business for agreed time periods as part of the integration with Premier Farnell. The US business and certain of its assets are being acquired from CadSoft Computer Inc.
The total purchase consideration has been satisfied in cash and consists of EUR7 million paid on completion and potential further payments not exceeding EUR5 million based on criteria specified in the sale and purchase agreement.
For further information contact:
Harriet Green, Chief Executive Officer
Premier Farnell plc
Tel: +44 (0) 20 7851 4102
Mark Whiteling, Chief Financial Officer
Premier Farnell plcTel: +44 (0) 20 7851 4102SW / UK-002159 / 114239 UK-002159 / 114239
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