May 7, 1999 – Constellation Software Inc. (www.csisoftware.com) today announced the acquisition of Deerfield, Illinois based Friedman Corporation. Friedman is a major provider of configuration-based enterprise resource planning (ERP) solutions for mid-market manufacturers and distributors. Friedman has a customer base of over 300 customers worldwide, with annual revenues of approximately US $22.0 million.
Michael E. Greenough, Senior Vice President of CSI who will become Executive Chairman of Friedman, said “This strategic acquisition strengthens our position as a leading supplier of Vertical Market solutions in North America and it particularly enhances our United States market share. The addition of Friedman to our existing product lines will provide tremendous potential for future revenue and profit growth in our already vibrant vertical market sectors.”
Craig Yamauchi, President of Friedman, said “CSI brings proven vertical market expertise and a strong customer support commitment which will enable Friedman to continue its aggressive growth in key mid-market verticals. This acquisition will allow us to leverage CSI’s experienced management team and their financial strength as we move into the new millennium.” Constellation Software Inc. is a subsidiary of the Ontario Municipal Employee Retirement System (OMERS) which is the third largest pension fund in Canada with assets of over C$30 billion. CSI is currently a leading supplier of vertical application software to the Public Transit, Utility and Justice sectors. CSI has business centers in Canada and the United States.