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  EDS has completed its sale of UGS PLM Solutions for $2.05 billion and it said it remains on track to achieve zero net debt and more than $5 billion in liquidity by year-end 2004.
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The transaction, announced last June, is part of EDS' strategic plan to focus on the company's core information technology and business process outsourcing operations.

The agreement to sell UGS PLM Solutions to a group of Bain Capital, Silver Lake Partners and Warburg Pincus was announced March 14. In October 2003, EDS had announced plans to divest the unit through an IPO or private sale.

UGS PLM Solutions launched operations as an independent software business under a new corporate brand — UGS. UGS also today announced the launch of its new independent website,

UGS delivers integrated technology and services supporting the entire lifecycle of a product — from concept and development to distribution and service. The global market for PLM software and services is expected to grow by a compound annual growth rate of 8 percent through 2007 to more than US$9.2 billion, according to Daratech. Through 2007, Daratech expects the product data management and collaboration segment of the PLM market, which UGS leads on the strength of its Teamcenter(R) portfolio, to grow 16 percent, compounded annually.

In the first quarter of 2004, UGS reported 14.8 percent revenue growth and 10.3 percent growth in operating profit over the same period a year earlier. UGS' first quarter '04 performance marked the third consecutive quarter of strong revenue and operating profit growth as compared to the same period a year earlier.

For the last 12 months ending March 31, 2004, UGS reported revenue of US$927 million, adjusted EBITDA of US$215 million and net income of US$106 million.
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