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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, 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. |
