June 3, 2014

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Customs Info LLC Acquired by Descartes Systems Group

Press Release

June 3, 2014

Salt Lake City – Salt Lake-based Customs Info LLC has been acquired by Ontario-based Descartes Systems Group.

Descartes acquired Customs Info for up-front consideration of US $41.5 million, net of working capital, plus potential performance-based consideration. The up-front consideration is comprised of $36.1 million in cash, $20 million of which was drawn from Descartes' existing acquisition line of credit, and 416,437 Descartes common shares, which are subject to certain restrictions on resale. The maximum amount payable under the all-cash performance-based earn-out is $3.9 million, based on Customs Info achieving revenue-based targets in calendar 2014. Any earn-out is expected to be paid in fiscal 2016.

Customs Info provides trade data and related research tools to more than 800 multi-national shippers to help them reduce operating costs, improve customs compliance, and accelerate supply chain speed. This trade data populates GTM systems, including SAP GTS and Oracle GTM, and includes trade tariffs, duties, regulations, trade agreements, rules of origin and other trade-related content.

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