Thomas L. Gallagher | May 19, 2010 10:30AM EDT
CDC Software, a hybrid enterprise software provider of on-premise and cloud deployments, acquired TradeBeam Holdings, a San Mateo, Calif.-based provider of on-demand global trade management software.
No financial terms were disclosed. TradeBeam had raised around $57.5 million in VC funding from Carlyle Venture Partners, Enterprise Partners, Sigma Partners and The Sprout Group.
CDC Software and TradeBeam share several common customers, and TradeBeam represents CDC Software’s largest software-as-a-service acquisition to date. CDC is expanding its portfolio of cloud-based solutions and said it expects to increase recurring SaaS revenue significantly during the next few years.
CDC Software plans to integrate TradeBeam’s SaaS applications into its product line.
Global trade management is a growing market primarily due to economic globalization, increasing global trade volumes, including new revenue markets in developing countries that offer low cost material and labor resources, CDC Software said.
“This is a very synergistic combination on many fronts,” said Edward Flaherty, CEO of TradeBeam. “Our solutions are a great fit for CDC Software’s growing installed base, especially with its CDC Supply Chain and CDC eCommerce products and their market presence in complementary vertical industries such as automotive, medical device and retail industries.”
-- Contact Thomas L. Gallagher at tgallagher@joc.com.
