NEW YORK CITY (dpa-AFX) - JDA Software Group, Inc. Thursday announced that it has completed an agreement with funds managed by Blackstone (BX) and New Mountain Capital to effect a recapitalization of the company through a $570 million equity investment.
The company plans to use the capital for its product innovation and growth plans. to deliver next generation cloud-based solutions and accelerate opportunities for current product development and enhancements. The new equity investment is expected to be completed by early fourth quarter.
Bal Dail, chairman and chief executive officer of JDA said, 'This investment will accelerate the development of our SaaS-based solutions and allow us to develop innovative new solutions on Google Cloud Platform while enhancing our current large R&D investment in our existing products.'
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