ESWC Acquisitions reaches Prologic deal
ESWC Acquisitions is to buy fashion industry IT software provider Prologic.
ESWC Acquisitions has agreed to purchase Prologic in a deal valuing the company at £3.65 million.
Prologic, a business software and IT services provider for the fashion and lifestyle industry, revealed late last year that it would consider any purchase offers made for the firm and ESWC has agreed to pay 36.5p per share to take control of the firm.
ESWC, a newly incorporated company owned by US investor Joseph Liemandt, may have consulted merger and acquisition advisers before completing the deal, which is subject to regulatory approval.
Andrew Price of ESWC explained the offer has been made due to Prologic's "strong technological offering and attractive client list".
"ESWC believes that it can improve the operating performance of Prologic by providing customers with enhanced service levels," he added.
Prologic chief executive Tom Fischer added his firm - whose client list includes DKNY and Ted Baker - is pleased with the offer, noting it represents an "attractive premium" on market prices.
Source: ESWC Acquisitions press release, March 29th
Posted by Ken Hayes