E2open Parent Holdings Inc., a network-based provider of cloud-based, mission-critical, end-to-end supply chain management platform, has acquired BluJay Solutions, a cloud-based, logistics execution platform. Based on the price of E2open’s Class A Common Stock at May 25, 2021 market close, the stock and cash transaction is valued at approximately $1.7 billion.
BluJay is an integrated software services provider that works with shippers, logistics service providers and freight forwarders.
“I am thrilled to welcome the exceptional team and great customers of BluJay Solutions to E2open,” said Michael Farlekas, president and chief executive officer at E2open. “Combining E2open’s end-to-end platform and large trading partner network with BluJay’s leading logistics execution software, we will provide more robust capabilities and value to our customers, unlocking a greater opportunity to accelerate our long-term growth. This transformative acquisition advances our strategy and is consistent with our approach to M&A over the last 5 years.”
“We are very excited about joining forces with E2open in this highly strategic combination,” said Andrew Kirkwood, chief executive officer at BluJay Solutions. “Together, we will deliver a more powerful supply chain software platform built upon the world’s largest global trade network.”
“BluJay is a transformative acquisition for E2open: it is strategic, it is financially compelling, and it further accelerates organic growth for the combined company,” said Chinh Chu, chairman of the Board at E2open. “It is a rare opportunity to combine two cloud-based, supply chain management software platforms with complementary networks.”
“The combination of E2open and BluJay is a natural next step for both businesses, creating a combined company with leading capabilities from planning through execution,” said Deep Shah, co-president at Francisco Partners. “The fit between our respective product offerings, shared vision for the future of the industry, and alignment on core values makes for a combined future that we are very excited to be a part of through our substantial equity consideration in the combination.”
Certain of BluJay’s current shareholders, Francisco Partners and Temasek, will have the right to appoint one director each to the E2open board following closing subject to the terms of the agreement.
Credit Suisse is serving as lead financial advisor to E2open, and sole equity capital markets advisor and placement agent to E2open. Rothschild & Co. is serving as financial advisor and delivering a fairness opinion to E2open and its board of directors. Berenson & Co. is serving as financial advisor to E2open and Kirkland & Ellis LLP is serving as legal advisor to E2open. Goldman Sachs is serving as exclusive financial advisor to BluJay, Lazard is serving as capital markets advisor to BluJay, and Latham & Watkins LLP is serving as legal advisor to BluJay. Goldman Sachs and Credit Suisse have provided committed debt financing in support of the transaction.