JDA Software looking to sell itself, they do say
Seeking friend, solvent, gsoh, for discreet transaction
Enterprise tech firm JDA Software is rumoured to be trying to sell itself, hiring JPMorgan Chase to look for those who might be willing to gobble it.
Sources told Reuters that the sale process was at an advanced stage and both private equity and tech firms were interested in the company.
JDA's financial results for 2011 came under scrutiny from the Security and Exchange Commission's division of Enforcement and Corporation Finance, which was looking into accounting matters in the statement. Although the probe found "no evidence of fraud or intentional wrongdoing", JDA had to restate different parts of its results from 2007 to 2011.
The firm said in a filing that an internal audit showed that it had to change its "revenue recognition". The changes didn't actually affect the total revenues JDA had made but some of the earnings had been reported in the wrong quarters, it said.
Current investors in JDA include Praesidium Investment Management Company, BlackRock, The Vanguard Group and Ameriprise Financial. ®
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