Vista Equity Partners to Pay $1.1 Billion for British Software Maker
As part of the all-cash transaction, an investment vehicle controlled by Vista has agreed to pay £1.40 a share for the outstanding stock of Advanced Computer Software, representing a 17 percent premium to the company’s closing price on Monday.
“The offer represents an attractive price — recognizing the growth potential of the business whilst providing certainty in cash to A.C.S. shareholders,” Michael Jackson, the Advanced Computer Software chairman, said in a statement on Tuesday.
Advanced Computer Software said that its board had unanimously recommended that shareholders vote in favor of the deal and that investors controlling 47.9 percent of its shares had agreed to support the transaction.
Shares of Advanced Computer Software rose 15.2 percent to £1.38 in early trading in London on Tuesday.
Advanced Computer Software provides patient management software to health care providers, back-office systems for businesses and outsourced information technology services. It posted revenue of £203.2 million in fiscal year 2014, which ended in February, and employs about 2,000 people.
Vista was advised by Goldman Sachs and Morgan Stanley, while Advanced Computer Software was advised by Rothschild.
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