By Milana Vinn and Krystal Hu
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- QAD, a business software maker was taken private by buyout firm Thoma Bravo in 2021 for $2 billion, told Reuters on Wednesday it has agreed to acquire employee productivity platform Redzone for about $1 billion.
Redzone, which was founded in 2013, offers enterprise software solutions primarily for the manufacturing industry. The name of the company is a play on the American football term "red zone", which refers to the end zone on a football field. Redzone is on track to hit an annual revenue rate of $100 million, the companies said.
Founded in 1979, QAD provides cloud-based planning and resources solutions software to manufacturing companies.
The deal will help QAD expand its footprint across different sectors within the manufacturing industry.