TAKE Solutions buys ClearOrbit for $20.6mn

Information system product firm TAKE Solutions has acquired Texas-based supply chain execution provider ClearOrbit Inc for $20.6 million (nearly Rs 86.5 crore) in an all-cash deal on Monday.

The acquisition will help TAKE Solutions expand into supply chain management in the US. Presently, the Chennai-based firm is mainly providing business technology solutions to supply chain management and life sciences companies.

"ClearOrbit is a recognised leader in supply chain management technology with an extensive track record in helping manufacturers and distributors optimise their supply chains," H R Srinivasan, vice chairman, TAKE Solutions said.

"ClearOrbit brings a strong management team, and a vision for future growth in areas such as Enterprise Returns Management and Supplier Collaboration. This acquisition will provide us an expanded North American footprint, as well as a broader product portfolio to offer our existing customers," he added.

John Reece, president and CEO, ClearOrbit said : "The acquisition more than doubles our resource and revenue base and will enable us to provide customers with international support and a wider range of products and services to address their supply chain challenges."

With revenue of $ 15.52 million, ClearOrbit has 85 employees who will form part of the supply chain division of TAKE Solutions. TAKE Solutions' supply chain management division offers products and services allowing customers and suppliers to collaborate online, reduce costs and decrease time-to-market.