May 27, 2021
AUSTIN, Texas–(BUSINESS WIRE)– E2open Parent Holdings, Inc. (NYSE: ETWO), a leading network-based provider of a 100% cloud-based, mission-critical, end-to-end supply chain management platform, today announced that it will acquire BluJay Solutions, a leading cloud-based, logistics execution platform. Based on the price of E2open’s Class A Common Stock at May 25, 2021 market close, the stock and cash transaction is valued at approximately $1.7 billion.
BluJay is an integrated SaaS platform with comprehensive solutions for Shippers, Logistics Service Providers (LSPs) and Freight Forwarders. BluJay provides a robust suite of logistics execution applications and a broad trade network of over 50k participants serving over 5,700 global customers. With an expansive ecosystem of suppliers, carriers and network partners, BluJay enables differentiated connectivity across all supply chain participants, resulting in industry leading visibility across its broad network. BluJay’s combination of data, network and applications plays a mission-critical role in logistics and distribution supply chains and drives significant ROI for customers.
“I am thrilled to welcome the exceptional team and great customers of BluJay Solutions to E2open,” said Michael Farlekas, president and chief executive officer at E2open. “Combining E2open’s end-to-end platform and large trading partner network with BluJay’s leading logistics execution software, we will provide more robust capabilities and value to our customers, unlocking a greater opportunity to accelerate our long-term growth. This transformative acquisition advances our strategy and is consistent with our approach to M&A over the last 5 years.”
“We are very excited about joining forces with E2open in this highly strategic combination,” said Andrew Kirkwood, chief executive officer at BluJay Solutions. “Together, we will deliver a more powerful supply chain software platform built upon the world’s largest global trade network.”
Combination of two complementary SaaS, network-based supply chain platforms:
- Enhances E2open’s supply chain execution capabilities with BluJay’s leading transportation management software and global trade capabilities
- Transaction represents implied enterprise value of $1.7 billion
- Combined business projected to have an annualized pro forma FY22 revenue of over $550 million and over $200 million in adjusted EBITDA
- Expands E2open’s network with 50k network participants, $40 billion in annual commerce spend and 1.9 billion transactions, and expands TAM by over $9 billion
- Mid-teens FCF per share accretion and $20m in run-rate cost synergies
- BluJay shareholders will receive approximately 60% of consideration in equity, resulting in approximately 22% pro forma ownership of the combined company
- $300 million common equity PIPE from institutional investors including Neuberger Berman, The WindAcre Partnership, Eminence Capital and XNIncreases management’s conviction to exceed long-term organic revenue guidance of over 10%