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You are here: Home / Science & Technology /  Singapore Post Limited to Acquire a Majority Stake in Jagged Peak, Inc.

 Singapore Post Limited to Acquire a Majority Stake in Jagged Peak, Inc.

October 10, 2015 by Press Release

TAMPA, Fla., Oct. 9, 2015 (GLOBE NEWSWIRE) — Jagged Peak, Inc. (OTC

Pink:JGPK), a leading provider of enterprise-class e-commerce software

solutions and supply chain services (the “Company”), and Singapore Post

Limited (Singapore Stock Exchange:S08.SI), a leading provider of mail,

logistics and ecommerce solutions in Singapore and the Asia Pacific

region (“SingPost”), today announced that the Company and SP Jagged

Peak LLC, a newly organized Delaware limited liability company (“SP

JP”) owned by SingPost, have entered into a definitive agreement under

which SP JP will acquire all of the outstanding stock of the Company

other than approximately 28.9% of the stock which is held by Paul

Demirdjian and Primrose Demirdjian. Mr. Demirdjian is the Chief

Executive Officer of the Company, and both Mr. and Mrs. Demirdjian are

directors, principal shareholders and founders of the Company.

Under the agreement, SP JP and the Demirdjians will form a new company

which will be merged with and into the Company at the closing (the

“Merger”). As a result of the Merger, each share of the Company’s

common stock outstanding at the closing, excluding shares owned by the

Demirdjians and shares held by Company’s shareholders who properly

exercise appraisal rights under Nevada law, will be converted into the

right to receive a cash payment equal to $1.08 minus an amount equal to

the transaction expenses incurred by the Company divided by the total

number of shares outstanding at the closing of the Merger on a

fully-diluted basis. Presently, the Company anticipates that

transaction expenses will be approximately $0.09 per share, resulting

in a cash payment to shareholders of approximately $0.99 per share,

which represents a premium of approximately 32% over the closing price

for common stock on October 8, 2015. The transaction will be financed

by SingPost through its existing internal cash resources.

SP JP and the Demirdjians have also entered into an agreement which

contains put and call rights for the Demirdjians and SP JP relating to

the purchase and sale of the Demirdjian’s stock in the Company

following the Merger under certain conditions and at various prices.

All of the Company’s directors, who together own approximately 68.4% of

the outstanding stock of the Company, have entered into Voting

Agreements with SP JP under which they have agreed to vote in favor of

the transaction at any meeting called for that purpose.

“SingPost’s investment in Jagged Peak is evidence of a new era of

eCommerce where global infrastructure and fulfillment needs are

becoming the new norm,” said Chief Executive Officer Paul Demirdjian.

“This merger is an exciting opportunity that will allow us to provide

retailers and consumer brands with an end-to-end worldwide solution.”

Mr. Lim Ho Kee, Chairman of SingPost, said, “As SingPost pioneers and

leads eCommerce logistics in Asia Pacific, we are casting our eyes

beyond the region. Jagged Peak can enable end-to-end fulfilment of

eCommerce orders across the US. SingPost is excited about this

capability. This transaction is also part of our strategy to focus our

resources on strengthening our geographical reach and the technology we

employ as an eCommerce logistics company.”

Dr. Wolfgang Baier, Group Chief Executive Officer of SingPost, said,

“This acquisition will ‘connect the dots’ and make our eCommerce

logistics network global. The acquisition of Jagged Peak allows us to

use their state-of-the-art eCommerce omni-channel technology to enable

brands and retailers not only to leverage their warehouse facilities in

over 20 locations in the US but expand these services into our Asia

Pacific warehouse network. A win-win for existing and future customers.

We have planted the seeds with this investment of what will be

SingPost’s global multi-channel B2B4C eCommerce logistics platform.”

Closing of the Merger is subject to certain closing conditions,

including obtaining the approval of the Company’s shareholders at a

meeting called for that purpose and other customary conditions. Further

information regarding the terms and conditions in the definitive

agreement, will be contained in a Current Report on Form 8-K which will

be filed promptly with the SEC.

About Jagged Peak, Inc.

Jagged Peak, Inc. is a leading e-commerce solutions provider with

software and services that enhance the scalability, flexibility and

profitability of single-channel, multi-channel and omni-channel online

businesses. Its cornerstone technology is EDGE—an enterprise-class

commerce platform that includes a full-featured e-commerce Platform

(ECP) and robust Order Management System (OMS) as well as a Warehouse

Management System (WMS) and Transportation Management System (TMS).

These platform elements can be deployed alone or together through a

license or SaaS delivery model to form an end-to-end, Cloud-based

software suite that integrates the entire order life cycle with

visibility across business units, distribution channels and trading

partners—all while enabling the client to have complete control of

its online brand. Combining its technology with a comprehensive array

of eMarketing, customer support and IT professional services along with

“anytime, anywhere” order fulfillment through its FlexNet warehouse

network, Jagged Peak offers a rare and uniquely holistic approach to

e-commerce. Jagged Peak’s blue chip client roster includes numerous

global consumer brand companies. For more information, please visit

www.jaggedpeak.com.

About Singapore Post Limited

For over 150 years, Singapore Post (SingPost) as the country’s postal

service provider, has been delivering trusted and reliable services to

homes and businesses in Singapore.

Today, SingPost is pioneering and leading in eCommerce logistics as

well as providing innovative mail and logistics solutions in Singapore

and the Asia Pacific, with operations in 15 countries.

Building on its trusted communications through domestic and

international postal services, SingPost is taking the lead in

end-to-end integrated and digital mail solutions. The suite of SingPost

eCommerce logistics solutions includes front end web management,

warehousing and fulfilment, last mile delivery or international freight

forwarding.

Listed on the Main Board of the Singapore Exchange in 2003, SingPost is

a constituent stock of various main global benchmark indices – FTSE

All-World Index Series, FTSE All-World Minimum Variance Index, FTSE

All-World High Dividend Yield Index, FTSE RAFI Index Series, FTSE

Global Infrastructure Index Series and FTSE ST Index Series. It has a

strong credit rating of ‘A/Stable/NR’ by Standard & Poor’s.

To find out more about SingPost, please visit www.singpost.com and

https://www.singpost.com/corporate-information/businesses.html for more

information on SingPost’s subsidiaries and businesses.

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