Mid-marker investment bank Westbury Group announces the sale of its government and non-profit software client, iDC, to CDC Software.
Chicago, IL (1888PressRelease) July 21, 2010 - Westbury Group LLC, a mid-market investment bank, has initiated the sale of its client, Information Development Consultants, Inc. (iDC), to CDC Software Corporation (NASDAQ: CDCS).
Privately-held iDC, based in Chicago, developed 4gov®, the fund accounting and ERP solution, as well as PlusFund® for not-for-profits (NFPs). The company's customers range from small NFPs and religious groups to cities, park districts, airports, counties, and state and federal agencies. iDC is one of the first software vendors to offer software-as-a service (SaaS) solutions for government clients and the only company to offer a true SaaS government fund accounting solution.
iDC's purchaser, CDC Software, provides hybrid enterprise software for on-premise and cloud deployments. In acquiring iDC, CDC Software advances its plan to further penetrate the public and not-for-profit market. In 2009, CDC Software acquired gomembers, which offers both SaaS and on-premise enterprise solutions to NFP and quasi-governmental organizations. Now, by acquiring iDC, CDC Software is expanding its market footprint into the growing state and local government market.
"CDC Software's focus on the SaaS cloud computing environment fits right in with iDC's government market space," said Carolyne Turner, Vice President of the Public and Not-For-Profit Sector of CDC Software. "This is particularly relevant today as governments are looking for alternative and creative solutions to more effectively manage their financial and personnel resources. "
"We are extremely excited about the acquisition of iDC," said Paul Plaia, President of CDC Software's gomembers' product line business. "We believe that 4gov will be an integral part of our Public and Not-For-Profit Sector product offering as we expand nationally and internationally. With the synergy between gomembers and 4gov products and customers, we expect to extend our already strong position in this market."
About Westbury Group LLC
Westbury Group LLC is a FINRA-registered boutique investment bank dedicated to providing superior financial and strategic advisory services to firms valued between $10 million and $150 million. All Westbury managing directors have a minimum 20 years' transactions experience in the software, IT services, defense/homeland security, healthcare, consumer products, manufacturing, or financial services industries. The firm initiates M&A transactions, raises debt and equity capital, provides valuations, and advises on business and financial strategy. For further information, contact Maris Licis, managing director, at 203/883-9000.
Mid-marker investment bank Westbury Group announces the sale of its government and non-profit software client, iDC, to CDC Software. 
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