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Supply chain software provider E2Open public again via a SPAC

Merger with Wall Street/venture firm blank check company completed

Image: Jim Allen/FreightWaves

E2open, a provider of cloud-based supply chain solutions, is once again a publicly traded company after completing its merger with a special purpose acquisition company.

The company has completed a merger with CC Neuberger Principal Holdings 1, a SPAC put together by Neuberger Berman, a Wall Street company, and CC Capital. That SPAC had an IPO in early 2020 to raise funds for a “blank check” company, which raises capital on the strength of its management team to then take those funds, acquire a company and make it public through the SPAC. The SPAC then announced its acquisition of E2Open in October.

E2Open will now be traded on the New York Stock Exchange under the ticker ETWO. In trading Friday, the price was $10.77 per share at approximately 2:30 p.m. CC Neuberger 1, like all SPACs, went public at $10 per share. The SPAC, which traded under a separate ticker on NYSE, will now be known as E2open Parent Holdings Inc. (There is also a CC Neuberger Principal Holdings 2, which is not part of the transaction). 

In a prepared statement, E2Open said the terms of the transaction would be disclosed in an upcoming 8-K with the Securities and Exchange Commission, which has not been filed yet.

E2Open, had been a publicly traded company on the NASDAQ after going public in 2012. But it was purchased by investment firm Insight Venture Partners in 2015. In the announcement of the SPAC, Insight was described as the majority owner. 

When the transaction was announced in October, E2open CFO Jarett Janik said that the company’s estimated revenue in the financial year that closes this month was expected to be $335 million, up from $305 million a year before. The estimate for fiscal 2022 is $367 million. 

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John Kingston

John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.