CherryRoad Technologies to Acquire the U.S.-Based Oracle PeopleSoft ERP Business of MAXIMUS, Inc.

MORRIS PLAINS, N.J., and RESTON, Va., Sept. 16 /PRNewswire/ -- CherryRoad Technologies Inc., a leading integrator of enterprise software and an Oracle PartnerNetwork Platinum Partner, announced today that it has signed a definitive purchase agreement to acquire the U.S.-based Oracle PeopleSoft ERP business of MAXIMUS, Inc. (NYSE: MMS), a leading provider of government services worldwide.  The transaction, which includes the current contracts, intellectual properties and assets of the business, is expected to close at the end of September. Terms of the transaction were not disclosed.

CherryRoad, an award-winning expert in Oracle ERP solutions for more than two decades, has made several acquisitions over the past few years as part of its strategic growth plan.  The acquisition of the MAXIMUS ERP business -- a leading ERP solutions integrator in the U.S. state government sector -- significantly expands CherryRoad's public sector market share, the number of Oracle PeopleSoft applications it supports, and its state-specific tools and methodologies.  It also expands the company's managed services offerings to include remote functional and technical support, 24x7 help desk, and hosting capabilities.

Jeremy Gulban, CherryRoad President, said, "This acquisition transforms CherryRoad into the leading dedicated Oracle PeopleSoft practice in the U.S. state government segment of the public sector market and brings in many more talented consultants with deep state government experience.   We're excited to expand the expertise and capabilities for which we're already so well regarded.  We welcome our new employees and customers and are working to ensure a seamless integration. "

Richard Montoni, CEO and President of MAXIMUS, commented, "This transaction represents a positive outcome for MAXIMUS as we continue to focus our resources on our core health and human services offerings. By joining the CherryRoad team, employees of the ERP business will have the opportunity to excel in an environment focused on maximizing enterprise performance for public and commercial sector clients. We thank them for their service to MAXIMUS and wish them all the best as part of CherryRoad."

Prior to the transaction, MAXIMUS had classified the U.S.-based ERP business as discontinued operations according to GAAP rules. WWC Securities, LLC (www.wwccapital.com) acted as the exclusive investment banker to MAXIMUS in regard to this transaction.

About MAXIMUS, Inc.

MAXIMUS is a leading provider of government services worldwide and is devoted to providing health and human services program management and consulting services to its clients.  The Company has more than 6,500 employees located in more than 220 offices in the United States, Canada, Australia, the United Kingdom, and Israel.  Additionally, MAXIMUS is included in the Russell 2000 Index and the S&P SmallCap 600 Index.

About Oracle PartnerNetwork

Oracle PartnerNetwork (OPN) Specialized is the latest version of Oracle's partner program that provides partners with tools to better develop, sell, and implement Oracle solutions. OPN Specialized offers resources to train and support specialized knowledge of Oracle products and solutions and has evolved to recognize Oracle's growing product portfolio, partner base, and business opportunity. Key to the latest enhancements to OPN is the ability for partners to differentiate through certified Specializations. Specializations are achieved through competency development, business results, expertise, and proven success. To find out more, please visit www.oracle.com/partners.

About CherryRoad Technologies Inc.

CherryRoad Technologies Inc. provides comprehensive systems integration and consulting services that maximize enterprise performance for the public and commercial sectors.  With headquarters in Morris Plains, N.J. and offices across the U.S., CherryRoad has earned a solid reputation for combining technology, organizational, functional, and vertical market expertise into practical solutions that deliver results -- on time and on budget.   For more information, visit www.cherryroad.com.

SOURCE CherryRoad Technologies Inc.