The apparel chain filed for bankruptcy in January and closed its e-commerce site and stores.
Inovis, a provider of technology that helps retailers collaborate online with their suppliers, has agreed to acquire rival QRS, the companies said today. The deal follows QRS’s decision to abort a planned merger with JDA Software Group.
Inovis International Inc., a provider of technology that helps retailers collaborate online with their suppliers, has agreed to acquire rival QRS Corp. in a stock transaction valued at about $116 million, the companies said today. The deal follows QRS’s decision to abort a planned merger with JDA Software Group.
QRS is known as a leading provider of trading partner collaboration and product data synchronization services, and its QRS Catalogue is recognized as a major data repository that can store more than 540 attributes per product, enabling trading partners to more easily complete orders and confirm pricing and other details. Its retailer clients include Federated Department Stores Inc., J.C. Penney Co. Inc., Target Corp. and Nordstrom Inc.
Inovis’s clients include Dell Inc. and National Wholesale Liquidators. The new combined company will serve a total customer base of more than 26,000 companies.
Under terms of the acquisition agreement, a wholly owned subsidiary of Inovis will merge with and into QRS, the companies said. The companies declined to specify in their acquisition announcement the ongoing name of the new entity. Jim Schaper, chairman and CEO of Inovis, said the combined company will offer a broader range of complementary products and services than either Inovis or QRS can offer now.
QRS, which also announced today that it had terminated its merger agreement with JDA Software Group, said it will pay JDA a termination fee of $3.75 million.
Inovis is a portfolio company of Golden Gate Capital and Cerberus Capital Management.