I’m delighted to add Rogue Wave as a subsidiary of Quovadx and I welcome the opportunity to introduce their customers to Quovadx’s application development platform and expand our reach into new markets, said Lorine Sweeney, president and CEO of Quovadx.
Rogue Wave has established relationships with independent software vendors and has over 18,000 customers, which dramatically expands our addressable market. Also, the strong, recognized Rogue Wave brand enhances our competitive position. With these key attributes in place, the combined organization will promote growth and create value for customers and shareowners. We are prepared to quickly integrate the two companies and realize the benefits of this transaction.
In early November, Quovadx paid a paltry $38m for 89.3% of Rogue Wave stock. The newly acquired company will operate as a wholly owned subsidiary, with administrative functions absorbed into Quovadx existing operations.
Englewood, Colorado-based Quovadx expects the acquisition to be accretive to earnings in 2004 as a result of cost savings, cross-selling opportunities, and incremental revenue streams resulting from the companies’ complementary products.
This article is based on material originally produced by ComputerWire.
