AUSTIN - E2open Parent Holdings, Inc. (NYSE: ETWO), a prominent SaaS supply chain platform, announced today that it has initiated a strategic review process. The objective of this review is to explore options that could enhance shareholder value and fortify the company's leading position in the expanding market of supply chain management software.
Chinh E. Chu, chairman of E2open's board of directors, emphasized the company's unique market position and its commitment to acting in the best interests of its stakeholders, including customers, employees, and shareholders. Chu highlighted the recent progress made by new senior leadership in executing a customer-centric plan aimed at driving growth and innovation.
Chief Executive Officer Andrew Appel expressed confidence in the company's growth plan and its potential as an independent entity. "We are undertaking this strategic review to explore a full range of options to further accelerate growth and value creation," said Appel.
E2open has not established a specific timeline for completing the strategic review and has stated that there is no guarantee of a particular outcome. The company will not provide further comments about the review until its completion or unless additional disclosure becomes necessary or legally required.
In line with this announcement, E2open has reaffirmed its financial guidance for FY2024, anticipating subscription revenue between $533 million and $536 million, total revenue ranging from $628 million to $633 million, non-GAAP gross profit margin of 68% to 70%, and adjusted EBITDA between $215 million and $220 million for the fiscal year ending February 29, 2024.
The company noted that its actual financial results for FY24 are pending finalization of year-end financial reporting, reviews, audits, and any resulting adjustments.
Rothschild & Co is serving as the lead financial advisor to E2open, with Citi also acting as a financial advisor. Legal counsel is being provided by Kirkland & Ellis.
E2open's platform connects over 480,000 manufacturing, logistics, channel, and distribution partners, facilitating over 15 billion transactions annually. The company's SaaS platform is designed to predict disruptions and opportunities, aiming to enhance efficiency, reduce waste, and promote sustainable operations.
This news article is based on a press release statement from E2open Parent Holdings, Inc.
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