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Exclusive: JDA Software on the block - sources
(Reuters) - Enterprise technology maker JDA Software Group Inc is exploring a sale and has hired JPMorgan Chase & Co to advise on the process, people familiar with the matter said.
The sale process is at an advanced stage. The company has received interest from multiple parties, including private equity firms and strategic buyers, the sources said.
JDA Software, which has a market capitalization of $1.5 billion, provides customized software applications to customers ranging from government and aerospace defense contractors to hospitality and media organizations.
Representatives for the company declined to comment. JPMorgan was not immediately available for comment.
In March, JDA Software disclosed in a filing with the Securities and Exchange Commission (SEC) that it would delay its annual report for year ending December 31, 2011, citing a continual inquiry from the staff of the SEC's division of Enforcement and Corporation Finance over accounting matters relating to the company's financial statements.
In August, JDA Software restated its financial statements for the year ending December 31, 2011.
Also in March, New York-based Praesidium Investment Management Company LLC, also disclosed that it had taken a stake in the company and said it expected to engage in communications with members of the company's board of directors, shareholders and other relevant parties concerning the business, management and operations.
Praesidium, the largest shareholder of JDA software, has over the last several months increased its equity stake to 8.9 percent. Praesidium is run by Kevin Oram and Peter Uddo. (Additional Reporting by Sakthi Prasad in Bangalore; Editing by Rodney Joyce)
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