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Expands Breadth of Solution to Include IT Asset Management Introduces First Application Suite to Manage All Strategic Assets Within the Enterprise
BEDFORD, Mass., June 17, 2002 - MRO Software, Inc. (Nasdaq: MROI), a leading provider of e-Business solutions for strategic asset management, today announced it has completed its acquisition of MainControl, Inc., which was announced on May 28, 2002.
As a result of the closing, MRO Software acquired MainControl for a combination of MRO Software stock and cash, consisting of 1.1 million shares of MRO Software stock and $3.5 million in cash. Based on the closing price of May 28, 2002, this deal was valued at approximately $19 million. MRO Software expects this acquisition to be accretive to pro-forma earnings for the first full year after the closing.
The acquisition of MainControl and the addition of IT-asset management allows MRO Software to offer an application suite of Strategic Asset Management solutions to manage all strategic assets and asset-related sourcing and procurement.
About MRO Software, Inc.
MRO Software is a leading provider of e-Business solutions for strategic asset management. The Company's integrated suite of applications optimizes performance, improves productivity and service levels and enables asset-related sourcing and procurement across the entire spectrum of strategic assets.
The Company's asset management solutions allow customers to manage the complete lifecycle of strategic assets including: planning, procurement, deployment, tracking, maintenance and retirement. Using MRO Software's solutions customers improve production reliability, labor efficiency, material optimization, software license compliance, lease management, warranty and service management and provisioning across the asset base.
MRO Software (Nasdaq: MROI) is a global company based in Bedford, Mass., with approximately 1,000 employees. The Company markets its products through a direct sales organization in combination with a network of international distributors. MRO Software has sales offices throughout North America, Europe, Asia/Pacific and Latin America. Additional information on MRO Software can be found at http://www.mro.com.
MAXIMO® is a registered trademark, and MRO SoftwareTM, and Catalog ManagerTM, are trademarks of, MRO Software, Inc. MC/Empower® is a registered trademark of MainControl, Inc.
This press release contains statements concerning future events and the Company's future performance, which are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The acquisition is subject to certain contingencies, and may not be consummated. The Company's actual results could differ materially from those set forth in the forward-looking statements. Factors which might cause such differences include, without limitation: difficulties in integrating the MainControl products, services, development, sales, operations and other personnel and business processes with those of the Company; difficulties in achieving the desired cost savings, or disruption to the acquired business as a result of aggressive cost savings measures; confusion and purchasing delays among potential customers of both companies caused by uncertainties relative to the acquisition; difficulties in selling the newly acquired products to the Company's existing customers, and difficulties in selling the Company's products to MainControl's customers; the existence of liabilities that were not disclosed by or known to MainControl prior to the acquisition; the failure of a market for a single source strategic asset management suite to materialize; and those factors discussed in the Section entitled "Factors Affecting Future Performance" in our most recent Annual Report on Form 10-K as filed with the SEC.
Fair Disclosure to Investors
MRO Software is committed to fair disclosure of information about MRO Software without advantage to any particular analyst or investor, consistent with the Securities and Exchange Commission's Fair Disclosure Regulation ("Regulation FD"). Consistent with Regulation FD, it is our policy not to confirm, modify or otherwise comment on our publicly announced guidance in nonpublic communications with analysts or investors. Updates or modifications to our guidance, if any, will be made solely through publicly available press releases. Finally, we assume no obligation to update any forward-looking statements included in this release or in our teleconference, including statements regarding our financial outlook or guidance concerning our anticipated revenue or earnings in any future period.
Source: MRO Software
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