September 30, 2010, CherryRoad Technologies, Inc., a leading integrator of enterprise software and an Oracle PartnerNetwork Platinum Partner, acquired the U.S.-based Oracle PeopleSoft ERP business of MAXIMUS, Inc. (NYSE:MMS), a leading provider of government services worldwide. The transaction includes the current contracts, intellectual property and assets of the business. Outcome Capital acted as exclusive investment banker to MAXIMUS.
Richard Montoni, CEO and President of MAXIMUS, commented “This transaction represents a positive outcome for MAXIMUS as we continue to focus our resources on our core health and human services offerings. By joining the CherryRoad team, employees of the ERP business will have the opportunity to excel in an environment focused on maximizing enterprise performance for public and commercial sector clients. We thank them for their service to MAXIMUS and wish them all the best as part of CherryRoad.”
Jeremy Gulban, CherryRoad President, said “This acquisition transforms CherryRoad into the leading dedicated Oracle PeopleSoft practice in theU.S.state government segment of the public sector market and brings in many more talented consultants with deep state government experience. We’re excited to expand the expertise and capabilities for which we’re already so well regarded. We welcome our new employees and customers and are working to ensure a seamless integration.“
Prior to the transaction, MAXIMUS had classified the U.S.-based ERP business as discontinued operations according to GAAP accounting rules. Outcome Capital initiated the transaction and acted as exclusive financial advisor to MAXIMUS on the transaction.
About MAXIMUS, Inc.
MAXIMUS is a leading provider of government services worldwide and is devoted to providing health and human services program management and consulting services to its clients. The Company has more than 6,500 employees located in more than 220 offices in the United States, Canada, Australia, the United Kingdom, and Israel. Additionally, MAXIMUS is included in the Russell 2000 Index and the S&P SmallCap 600 Index. For more information, visit www.maximus.com.
About CherryRoad Technologies, Inc.
CherryRoad Technologies provides comprehensive systems integration and consulting services that maximize enterprise performance for the public and commercial sectors. With headquarters in Morris Plains, N.J. and offices across the U.S., CherryRoad has earned a solid reputation for combining technology, organizational, functional, and vertical market expertise into practical solutions that deliver results – on time and on budget. For more information, visit www.cherryroad.com.
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