(Adds background)
By Nadia Damouni
Oct 29 (Reuters) – Enterprise technology maker JDA Software
Group Inc is exploring a sale and has hired JPMorgan
Chase & Co to advise on the process, people familiar
with the matter said.
The sale process is at an advanced stage. The company has
received interest from multiple parties, including private
equity firms and strategic buyers, the sources said.
JDA Software, which has a market capitalization of $1.5
billion, provides customized software applications to customers
ranging from government and aerospace defense contractors to
hospitality and media organizations.
Representatives for the company declined to comment.
JPMorgan was not immediately available for comment.
In March, JDA Software disclosed in a filing with the
Securities and Exchange Commission (SEC) that it would delay its
annual report for year ending Dec. 31, 2011, citing a continual
inquiry from the staff of the SEC’s division of Enforcement and
Corporation Finance over accounting matters relating to the
company’s financial statements.
In August, JDA Software restated its financial statements
for the year ending Dec. 31, 2011.
Also in March, New York-based Praesidium Investment
Management Company LLC, also disclosed that it had taken a stake
in the company and said it expected to engage in communications
with members of the company’s board of directors, shareholders
and other relevant parties concerning the business, management
and operations.
Praesidium, the largest shareholder of JDA software, has
over the last several months increased its equity stake to 8.9
percent. Praesidium is run by Kevin Oram and Peter Uddo.
(Additional Reporting by Sakthi Prasad in Bangalore; Editing by
Rodney Joyce)
