Irvine-based Epicor Software Corp., a maker of business software for manufacturers, retailers and distributors, said Monday it agreed to buy Denver’s Spectrum Human Resource Systems Corp. for $16 million.
The all-cash deal is expected to close by the year’s end.
Spectrum, a privately held maker of Internet-based software that manages back office tasks such as hiring, tracking timesheets, performance reviews and benefits administration, is set to be folded into a newly-formed Epicor division, dubbed the “human capital management” group.
Epicor said the deal is expected to “slightly” add to sales and profits in the first quarter.
Spectrum has some 100 employees and more than 430 customers, the company said. It’s expected to see about $14 million in sales this year.
Epicor’s shares are up about 25% in the past 12 months on a recent market value of $660 million.
