Forterro, a European provider of ERP software solutions to nearly 8,000 midmarket manufacturing and production companies, today announced its acquisition of myfactory, a provider of cloud-based ERP software to more than 2,000 wholesalers and manufacturers in DACH.
The acquisition expands Forterro’s total addressable market in DACH, and nearly doubles the number of customers served by the group in the region.
“myfactory is a tremendous win for Forterro,” said Dean Forbes, CEO of Forterro. “We have gained an extremely well-run business that has been steadily growing for the past 20 years and has already taken the steps to transition both its product and its customers to the cloud. Our primary goal will be to fuel the company’s continued growth and momentum.”
myfactory will operate as a standalone business within Forterro. David Lauchenauer, CEO of myfactory, will continue overseeing the business in the role of general manager with the support of his existing management team.
Richard Furby, general manager of abas Software GmbH and president of M&A for Forterro, spoke enthusiastically about the complementary nature of myfactory. “The myfactory solution is the perfect addition to our portfolio,” he said.
“myfactory tends to serve the lower end of the midmarket, while abas is stronger in addressing the complexities of upper midmarket companies. The myfactory solution has a core competency in wholesale and distribution, while abas ERP is better suited for discrete manufacturing and production. Combined, these two offerings give Forterro the IP required to address nearly the entirety of the industrial midmarket in DACH, so we’re all excited about the opportunities ahead.”
“We’ve developed one of the most complete, fully integrated cloud ERP solutions available in the European market today,” said Lauchenauer. “Having achieved this position of strength, we saw it was the right time to find a strategic buyer that would help us go even further with what we’ve built. In Forterro, we saw a partner that not only has the infrastructure and capital we need for growth, but much more importantly, a strategy that values our brand, our people, our products and the investments that have been made by our existing customers. I simply couldn’t be happier with where we’ve landed.”
Source: Business Leader
Author: Barney Cotton