Arik Hesseldahl

Recent Posts by Arik Hesseldahl

Private Equity Fund Apax Grabs Software Firms Epicor and Activant

Software firms Epicor and Activant Solutions both agreed to be bought out by private equity funds affiliated with private-equity firm Apax Partners in a deal worth a combined $2 billion. Epicor, whose shares surged 11 percent to $12.50 early Monday, valued its deal–which probably includes debt–at about $976 million. Apax said it plans to merge the two companies into a privately held company under the Epicor name, which it said would have more than 30,000 customers and $825 million in annual revenues. Several law firms announced they would investigate the possibility that Epicor directors violated their fiduciary responsibility to shareholders by not shopping the company around before agreeing to Apax’s terms.

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Just as the atom bomb was the weapon that was supposed to render war obsolete, the Internet seems like capitalism’s ultimate feat of self-destructive genius, an economic doomsday device rendering it impossible for anyone to ever make a profit off anything again. It’s especially hopeless for those whose work is easily digitized and accessed free of charge.

— Author Tim Kreider on not getting paid for one’s work