Business News

3M Reaches Agreement to Sell HighJump Software to Battery Ventures

Monday 12. May 2008 - 3M announced today it has entered into a definitive agreement to sell HighJump Software, a 3M company, to Battery Ventures, a technology venture capital and private equity firm.

The transaction will result in a stand-alone company focused on providing supply chain solutions to a global customer base. Terms of the transaction were not disclosed.
“At Battery Ventures we are looking to acquire technology-based businesses in attractive markets that, through innovation and a strong product development history, have established market leadership,” said Dave Tabors, general partner, Battery Ventures. “As a leader in the supply chain execution software market, HighJump clearly fits our strategy.”

“3M’s track and trace business is refining its approach to providing comprehensive track and trace solutions for high-value assets and people that deliver customer value through asset utilization, safety and security,” said Lemuel Amen, vice president and general manager, 3M Track and Trace Solutions Division. “Therefore, we believe HighJump will have more opportunity to maximize its potential with Battery Ventures.”

HighJump Software is a premier provider of flexible supply chain execution software and services with a suite of products that enable optimization of supply chain processes. Post transaction, HighJump will remain committed to investing in the development of its products, services and technologies in order to continue to provide value for its customers and maintain its strong offering in the marketplace. The products will continue to be sold and supported under the HighJump brand around the world, offering the functionality and flexibility required by customers.

“We have been evaluating the supply chain software market for over 18 months, and believe HighJump Software represents the best-in-class solution,” said Jesse Feldman, senior associate, Battery Ventures. “Moving forward, the company provides us with an excellent platform to grow both organically and through acquisition.”

Eden Prairie, Minn.-based HighJump Software employs approximately 350 people globally. The transaction is expected to close in the second quarter, subject to customary closing conditions.