MAPICS’ acquisition of Frontstep is a real positive given that Frontstep had already spent ~$60 million to deliver its entire product line, which includes ERP, CRM, and SCM, on a single technology platform, a notable feat. The combined company will have solutions that have been implemented in more than 10,000 customer sites worldwide in only a handful of industries of focus. Now the work of battling Tier 1 vendors and mid-market juggernauts begins.
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shareholders will receive approximately 0.30 MAPICS shares for each share of Frontstep stock held. As part of this combination, MAPICS will assume up to $21.5 million of Frontstep's debt as well as certain outstanding stock options and warrants. Closing, which is expected to occur during the first calendar quarter of 2003, remains subject to certain conditions including, but not limited to, regulatory clearance and approval of the acquisition by MAPICS and Frontstep stockholders. MAPICS reported revenues