Manatron Acquires Sigma Systems Technology
01 August 2007 - 10:30PM
PR Newswire (US)
- Over 25 clients, representing more than 3.5 million parcels
KALAMAZOO, Mich., Aug. 1 /PRNewswire-FirstCall/ -- Manatron, Inc.
(NASDAQ:MANA) the nation's leading provider of property tax
solutions for state and local governments, announced that it has
acquired substantially all of the assets of Sigma Systems
Technology, Inc. and assumed the obligations of its current
software maintenance contracts effective August 1, 2007. The total
purchase price was approximately $1.3 million in cash. Sigma was
founded in 1983 and is headquartered in Williamsville, New York
(near Buffalo). Sigma has developed and marketed Computer Assisted
Mass Appraisal (CAMA) software, as well as a number of data
management tools for real and personal property valuation. It
currently serves more than 25 government jurisdictions in the
United States, Canada, the U.S. Virgin Islands, and South Africa.
Sigma is well-known in the property appraisal industry for its
expertise with multiple regression analysis and modeling. Sigma's
revenues from software license fees and services were approximately
$1.1 million for the year ended December 31, 2006, of which about
$450,000 was from ongoing software maintenance agreements. Dr.
Moesch and 10 other Sigma employees who all work out of the Buffalo
office will be joining Manatron as employees in connection with
this acquisition and will continue to work out of their existing
Buffalo office. James R. Moesch, PhD, President and majority
shareholder of Sigma, commented, "We are extremely excited about
joining Manatron as this combination will create excellent growth
opportunities for customers, potential new clients and our
employees. Manatron's vision and strategy, as well as the
significant investment it has made in the last three years to
position itself as the nation's leading provider of property tax
systems, were key elements in our decision-making process. We are
excited to share our knowledge of the CAMA industry, including our
experience with regression and modeling so that together we can
offer even better property solutions to governmental jurisdictions
both in the United States and abroad." "Sigma has an impressive
client list for an organization of its size," said Paul Sylvester,
Manatron's Chief Executive Officer. "Sigma supports more than 3.5
million parcels of property in highly visible jurisdictions such as
Cape Town, South Africa; Cuyahoga County (Cleveland), Ohio; Salt
Lake County, Utah; Winnipeg, Canada; Charleston County, South
Carolina; Jackson County, Missouri; and the U.S. Virgin Islands.
Many of these clients are already using Manatron Tax systems and
all of them will be targets for our new GRM(R) suite of software.
We are particularly excited about the opportunity to leverage
Sigma's experience in certain international markets, such as South
Africa and expect this acquisition to be immediately accretive to
Manatron's cash flow and earnings." "This acquisition couldn't have
occurred at a better time," said Bill McKinzie, Manatron's
President and Chief Operating Officer. "The Sigma employees who
will be joining our organization were a key factor in this
acquisition. We plan to leverage their vast CAMA experience and
knowledge, especially regression and modeling as we develop and
rollout our new Real Property Appraisal (RPA) module within our
GRM(R) suite of software. We continue to strengthen our powerful
team of Property Tax and CAMA subject matter experts and impressive
client list, both of which will accelerate our growth opportunities
in this market." About Manatron, Inc.: Manatron is focused on
providing software and services to enable state and local
governments in North America to completely, fairly and efficiently
assess real and personal property, and to bill and collect the
related property taxes in their jurisdictions. The Company's
software manages the entire property life cycle, which includes
deed recording, land records, GIS (Geographic Information System)
integration, valuation, assessment administration, personal
property, business licenses, cashiering, tax billing and
collection, delinquents and tax sales, and e-government. Manatron's
revenues are primarily generated from software license fees,
software maintenance fees, professional services, and sales of
hardware and supplies. Professional services consist of data
conversions, installation, training, project management, hardware
maintenance, forms processing and printing, consulting and
appraisal services. Manatron is headquartered in Portage, Michigan
and has offices in Florida, Georgia, Illinois, Indiana, Minnesota,
Ohio, Pennsylvania, and Washington. Manatron currently serves
approximately 1,300 customers in 30 states and two Canadian
territories. More information about Manatron, Inc. is available at
the Company's site on the World Wide Web at
http://www.manatron.com/. Safe Harbor Statement: The information
provided in this news release may include forward-looking
statements relating to future events, such as the development of
new products, the commencement of production, or the future
financial performance of the Company. Actual results may differ
from such projections and are subject to certain risks including,
without limitation, risks arising from: changes in the rate of
growth of the local government market, increased competition in the
industry, delays in developing and commercializing new products,
adequacy of financing and other factors described in the Company's
most recent annual report on Form 10-K filed with the Securities
and Exchange Commission, which can be reviewed at
http://www.sec.gov/. DATASOURCE: Manatron, Inc. CONTACT: Paul
Sylvester, CEO and Co-Chairman of Manatron, Inc., +1-269-567-2900,
; or Cameron Donahue of Hayden Communications, Inc.,
+1-651-653-1854, , for Manatron, Inc. Web site:
http://www.manatron.com/
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