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Select Press Release |
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AVANTCÉ SOFTWARE COMPLETES ACQUISITION OF SELECT
BUSINESS SOLUTIONS FROM AFFILIATES OF THE GORES GROUP
Boulder, CO February 14, 2006 – The Gores Group and Avantcé Software
announced today that Avantcé has completed the acquisition of Select
Business Solutions from affiliates of The Gores Group. Select Business
Solutions is a leading provider of mainframe-based solutions for
data-extraction and reporting and application development tools.
"We are pleased to partner with Select’s experienced management team and
to play a role in guiding the company into its next phase of growth," said
Jon Scheumann, a Managing Director of Avantcé. "Select offers premier
solutions for complex data extraction and reporting in the mainframe
environment, as well as leading application development tools. We expect
the market for these applications to remain vibrant and we believe that
Select is well positioned to serve its customers and capitalize on growth
opportunities.”
Kristi Kennedy, a Managing Director of Avantcé has assumed the role of
Select’s CEO. “We seek out companies like Select because of its history of
providing premier software products to users and developers in complex IT
environments” said Ms. Kennedy. As the former Chief Operating Officer of
Allen Systems Group, Kennedy is quite familiar with the software industry.
She went on to say “Based on our experience we believe strongly that
Select has a very long and bright future ahead.”
Catherine Babon Scanlon, Chief Financial Officer of The Gores Group, said
“Gores is pleased that we have completed the sale of Select to Avantcé
Software. We worked hard to ensure that the new owners of the business had
a thorough understanding of the industry and were excited about the future
of this business. We believe we found the right team in Avantcé.”
Zolt Koczo and Hedley Apperly, both Senior Vice Presidents with Select
commented “We believe there is a very good fit with Avantcé and their
executive team.” They continued “We are looking forward to working
together to continue Select’s success.”
The company's products are in use at leading companies and governmental
agencies such as IBM Global Services, Motorola, UBS AG, ING Bank, Boeing
Company, P&O Ferries, D B Information Systems, Sun Life Assurance, Booz
Allen Hamilton, ExxonMobil, Wakefern Food Corporation, Bank of America,
Alliance & Leicester, Marks & Spencer, International Paper Company, Crédit
Lyonnais and Schering-Plough.
The company will retain the Select name and will be headquartered in
Trumbull, CT.
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