CIMdata PLM Industry Summary Online Archive
17 January 2005
Company News
RAND Worldwide Completes Sale Of Selected European Subsidiaries To Dassault Systèmes
Rand A Technology Corporation, operating as RAND Worldwide , announced that it has completed the sale of certain of RAND Worldwide's European subsidiaries to Dassault Systèmes S.A. of France pursuant to the previously announced definitive purchase and sale agreement between the parties (see joint Dassault Systèmes/Rand Press Release dated October 26, 2004 and Rand Press Release dated December 23, 2004).
Pursuant to the definitive agreement, Dassault Systèmes acquired RAND Worldwide subsidiaries in the United Kingdom, Sweden, Germany and Switzerland, plus the subsidiary Rand Technologies C.I.S., Inc., as well as 10% of the shares of Rand North America, Inc. (with the result that Rand North America is owned 70% by Dassault and 30% by RAND Worldwide), for total proceeds of approximately Euro 32 million (approximately C$51.2 million). Under the terms of the definitive agreement, RAND Worldwide transferred the acquired subsidiaries and approximately 230 employees to Dassault Systèmes.
The transaction has eliminated all existing debt owed by RAND Worldwide to Dassault Systèmes, including approximately C$38.0 million (US$12.5 million and 13.2 million Euros), plus accrued interest of approximately C$2.0 million, owed to Dassault Systèmes under convertible loan agreements that were entered into on June 18, 2002.
"We are extremely pleased to have completed this transaction," said Frank Baldesarra, President and Chief Executive Officer of RAND Worldwide. "This transaction puts RAND Worldwide in a much stronger financial position to start 2005, with a significantly improved, debt-free balance sheet, providing Rand with a solid foundation for profitable growth." Mr. Baldesarra added, "We look forward to continuing to work with Dassault Systèmes to grow the Product Lifecycle Management (PLM) solutions business globally. Rand now has a very solid platform to begin the new year, and we are excited about the challenges and opportunities in the marketplace."
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