ASG Software Solutions scouts for buyers - report.
M2 EQUITYBITES-September 1, 2014-ASG Software Solutions scouts for buyers - report
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1 September 2014 - US software company ASG Software Solutions is on the lookout for buyers and has enlisted the services of an investment bank to help with the search, sources familiar with the matter have informed the Wall Street Journal (WSJ).
The company, formerly known as Allen Systems Group, has been struggling with debt repayment, which is one of the main reasons for the decision to sell the business or part of it. Currently, it is not clear whether there are potential buyers or what part of the company will be sold, the sources said.
ASG is based in Naples, Florida, and is a privately held provider of cloud solutions and software. According to information posted on its website, the company works with more than two-thirds of global Fortune 500 companies. ASG has about 1,200 employees and generates annual revenues of about USD300m (EUR228m).
According to a note issued by Moody's Investors Service earlier this year, ASG's capital structure was found unsustainable at its current performance levels, the WSJ said.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Sep 1, 2014|
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