MN Software Co. Makes 4th Acquisition, Eyes More Deals
Bloomington-based HighJump Software, Inc., announced Wednesday that it acquired Evenex, a Danish provider of business-to-business digital communications services, for an undisclosed sum.
HighJump, which also provides business-to-business software, hopes the acquisition, which closed Tuesday, will extend its offerings into Europe, the Middle East, and Africa.
According to HighJump Software CEO Russell Fleischer, there will be no layoffs, although “there may be opportunities for logical cross-pollination—sending people overseas to work in the Denmark office or vice versa.”
The company said Evenex’s “electronic data interchange” (EDI) system would complement HighJump’s existing supply-chain application products, which include systems for warehouse management, transportation management, route accounting, manufacturing execution, mobile sales, and its own EDI programs.
“HighJump Software is a great fit for Evenex because it shares a common focus recognizing the importance of EDI in efficient supply-chain execution while providing us with broader solution and geographic footprints,” Evenex CEO Ole Pedersen said in a statement. “As a part of HighJump Software, we will have access to focused capital to grow in the Nordic region and beyond.”
HighJump has more than 4,500 customers worldwide in the aerospace and automotive, food and beverage, consumer packaged goods, health care, high-tech, manufacturing, retail, and wholesale industrial distribution industries. The company says its software streamlines the flow of inventory and information from suppliers to store shelves.
According to HighJump, Evenex “enables organizations to optimize trade relations and exchange business documents across the value chain by open and flexible managed cloud services.” Evenex has more than 3,000 customers who exchange more than 375 million documents every year. It has offices in Copenhagen, Denmark, and Oslo, Norway.
HighJump will have about 450 employees after absorbing 100 from Evenex. In time, Evenex will drop its moniker and become “HighJump,” Fleischer said.
“We are excited to welcome Evenex customers and a dedicated group of new team members to the HighJump family,” Fleischer said in a statement. “It is an important first step towards broadening our geographic coverage in Europe, and we look forward to driving organic growth as well as continuing to look for logical merger and acquisition opportunities.”
According to Fleischer, HighJump is focusing on three areas for future acquisition opportunities: “Broadening our solutions’ footprint with complementary solutions that we don’t currently have, additional geographic coverage, and opportunities that bring us more critical mass in spaces we are currently in.”
This is HighJump’s fourth acquisition in the last few years. In 2010, the company bought TrueCommerce, Inc., a Cranberry Township, Pennsylvania-based provider of data-transfer services. In 2009, it acquired Insight Distribution Software, a software provider for food and beverage distribution, from a Portland, Oregon-based company. And in 2008, it acquired BelTek Systems Design, a provider of direct store delivery software based in Canada.