SPS Commerce to Acquire TIE Kinetix

About this update from Sps Commerce, Inc.

[{"type":"text","content":"TIE Kinetix strengthens company's e-invoicing capability and expands the SPS Commerce community in Europe\nMINNEAPOLIS, July 26, 2023 (GLOBE NEWSWIRE) -- SPS Commerce, Inc. (NASDAQ: SPSC), a leader in retail cloud services, today announced that it has reached an agreement to acquire TIE Kinetix, a leading provider of supply chain digitalization including EDI and e-invoicing in Europe. The transaction is subject to customary closing conditions, including the approval of the shareholders of TIE Kinetix N.V. “We are looking forward to welcoming TIE Kinetix employees and customers to our growing network of trading partners around the world,” said Archie Black, CEO of SPS Commerce. “With the acquisition of TIE Kinetix, SPS Commerce is strengthening its e-invoicing capabilities, while expanding our European presence to serve our growing network with access to international markets.” “We are excited to join SPS Commerce and leverage TIE’s e-invoicing capabilities to capitalize on the opportunity presented by mandatory e-invoicing regulations across Europe,” said Jan Sundelin, CEO of TIE Kinetix. “Our offering will complement SPS’ next generation EDI solution and competitively position the combined company across the B2B and B2G markets.” Acquisition Details Under the terms of the purchase agreement, SPS Commerce will acquire the TIE Kinetix business for approximately €64.5 million, net of cash acquired. Founded in 1987, TIE Kinetix is publicly traded on NYSE Euronext under the symbol TIE and is headquartered in the Netherlands with employees also based in France, Germany, and the United States. As soon as reasonably possible, TIE Kinetix will convene an extraordinary general meeting of shareholders for the purpose of, amongst others, a shareholder vote on the transaction. The transaction is expected to close during the third quarter of 2023, subject to the satisfaction of customary closing conditions. Until close, the companies will continue to operate independently. SPS Commerce currently intends to finance the acquisition with cash on hand. Based on the current expectations for the timing of the close of the acquisition in the third quarter, SPS Commerce provided the following preliminary information on the anticipated financial impact of the acquisition. SPS Commerce anticipates the acquisition will have a nominal impact on the...

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