Business Services Industry
Yardley, Pa., Business Software Firm Agrees to Be Acquired.
Knight Ridder/Tribune Business News, November, 2002
By Wendy Tanaka, The Philadelphia Inquirer Knight Ridder/Tribune Business News
Nov. 9--Prophet 21 Inc., a Yardley business software company, said yesterday it agreed to be acquired by two private equity firms for about $70 million in cash.
The deal will make Prophet, which became a publicly traded company in 1994, private again.
"We feel that Prophet 21 will be a much stronger entity in today's environment," Chuck Boyle, the company's president and chief executive officer, said yesterday. As a company with a relatively few shares outstanding and a small stock market value, he said, it has not been not been followed or appreciated by analysts and investors.
LLR Partners Inc., of Philadelphia, and Thoma Cressey Equity Partners...
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