Stockholders to Receive $40.50 per Share in Cash
FOUNTAIN VALLEY, CA and BOSTON, MA--(MARKET WIRE)--Jun 10, 2008 -- CAM Commerce Solutions, Inc. ("CAM Commerce" or the "Company") (NasdaqGS:CADA - News), a leading provider of highly integrated retailing and payment processing solutions for small to medium size traditional and eCommerce businesses, announced today that it has entered into a definitive merger agreement under which an affiliate of Great Hill Partners ("GHP"), a leading private equity investment firm, will acquire all of the issued and outstanding shares of CAM Commerce Common Stock for $40.50 per share. The transaction results in an equity value for the Company of approximately $180 million. CAM Commerce's Board of Directors and GHP have approved the transaction, which is subject to approval by the stockholders of CAM Commerce, the expiration of the waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976 and satisfaction of other customary closing conditions. The transaction is not subject to any financing contingency. A special meeting of CAM Commerce stockholders to consider and vote on the proposed merger will be called and held as promptly as possible, consistent with the requirements of the Securities and Exchange Commission ("SEC"), The Nasdaq Stock Market and Delaware law. The transaction is expected to close in the fourth quarter of CAM Commerce's fiscal year ending September 30, 2008. Upon closing, CAM Commerce will no longer be publicly traded and the surviving corporation in the merger will be privately owned by an affiliate of GHP.
Geoff Knapp, Chairman and CEO of CAM Commerce, said, "We believe this transaction delivers outstanding value for our stockholders. Following an extensive review of our strategic alternatives, our Board of Directors concluded that this transaction is in the best interests of our Company and our stockholders. While we have seen excellent growth in recent years, our stock has a small float and continues to be thinly traded. This transaction provides liquidity for our shareholders at a premium price."
Matt Vettel, Managing Partner at GHP, commented, "CAM Commerce has built a premier solution that provides both retail management systems and integrated payment processing for credit, debit, and gift cards. We are excited to work with CAM's management and employees to help grow the business and achieve the Company's long term goals."
RBC Capital Markets is acting as financial advisor to CAM Commerce. Stradling Yocca Carlson & Rauth is acting as legal advisor to CAM Commerce. Kirkland & Ellis LLP is acting as legal advisor to Great Hill Partners.
About CAM Commerce
CAM Commerce designs, develops, markets, installs and services highly integrated retailing and payment processing solutions for small to medium size traditional and eCommerce businesses based on the company's open architecture software. These integrated solutions include credit and debit card processing, inventory management, point of sale, accounting, Internet sales, gift card and customer loyalty programs, and extensive management reporting. You can visit CAM Commerce at www.camcommerce.com.
About Great Hill Partners
GHP is a private equity firm that manages over $2.5 billion in capital to finance the expansion, recapitalization or acquisition of growth companies in a wide range of sectors within the business and consumer services, media, communications and software industries. GHP targets investments of $50 million to $150 million. For more information, please visit www.greathillpartners.com.
