UPDATE 1-Parametric boosts web offerings with Servigistics buy
* Raises full-year adj earnings forecast by 2 cents to 5 cents per share
* Parametric expects to draw on its credit facility to fund deal
* Sees deal to be completed in Sept. 2012
Aug 8 (Reuters) - Product-design software maker Parametric Technology Corp said it would buy privately held Servigistics Inc for about $220 million in cash, to beef up its web process management offerings and the company raised its full-year earnings forecast.
Parametric raised its 2013 adjusted earnings forecast by a range of 2 cents to 5 cents per share. It had previously forecast adjusted earnings of between $1.70 and $1.80 per share.
Analysts on average were expecting the company to earn $1.74 per share, according to Thomson Reuters I/B/E/S.
Parametric, which makes software used to create 3-D computer models for aircraft engines, cars and mobile phones expects to draw on its credit facility to fund the transaction.
Servigistics, which generated about $80 million in revenue last year, provides software which help companies manage parts and logistics. Its customers include Dell Inc, Hewlett-Packard Co and Lockheed Martin.
Parametric expects the deal to be completed in September 2012.
The company's shares closed at $22.41 on Tuesday on the Nasdaq.
- Somali officials say U.S. struck where al Shabaab were meeting
- Marilyn Monroe sex film to be kept private |
- Ukraine accuses Russia of 'undisguised aggression' as rebels advance |
- Actress Jennifer Lawrence contacts authorities after nude photos hacked
- Risk appetite flickers as ECB bets hold down euro