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E2open Parent Holdings, Inc. (NYSE:ETWO) ("e2open" or "the Company"), the connected supply chain SaaS platform with the largest multi-enterprise network, today announced initiation of a strategic review for the Company. The review will evaluate options to enhance shareholder value and further strengthen e2open's leading position in the growing supply chain management software market.
"E2open's board of directors and management team are committed to acting in the best interests of the Company and its many customers, employees, and shareholders," said Chinh E. Chu, chairman of the Company's board of directors. "E2open enjoys a unique market position based on its industry-leading software platform and proven ability to drive unmatched impact for customers. We have recently brought new senior leadership into the Company who have already made progress executing a comprehensive and customer-centric plan to drive growth and innovation."
"We remain highly confident in our ability to execute this growth plan and in e2open's potential as a stand-alone company," said Andrew Appel, e2open's chief executive officer. "As responsible stewards for our stakeholders, we are undertaking this strategic review to explore a full range of options to further accelerate growth and value creation."
E2open has not set a deadline or definitive timetable for the completion of the strategic review process, and there can be no assurance that this process will result in any particular outcome. The Company does not intend to comment further regarding the strategic review until it has been completed or the Company determines that additional disclosure is appropriate or required by law.
In conjunction with this announcement, e2open reaffirms the Company's most recent FY2024 financial guidance. The Company continues to expect subscription revenue in the range of $533 million to $536 million, total revenue in the range of $628 million to $633 million, non-GAAP gross profit margin in the range of 68% to 70%, and adjusted EBITDA in the range of $215 million to $220 million for the full year ended February 29, 2024. The Company's actual FY24 financial results are pending completion of the Company's year-end financial reporting processes, reviews, audit, and potential adjustments that may result.
Rothschild & Co is acting as lead financial advisor to e2open. Citi is acting as financial advisor to e2open. Kirkland & Ellis is serving as legal counsel to e2open.
About e2open
Posted In: ETWO
