Hummingbird to be acquired for $465 million
Enterprise software developer Hummingbird Ltd. said on Friday that it agreed to be purchased by holding company Symphony Technology Group in a deal valued at US$465 million.
The Toronto company develops enterprise content management (ECM) software that helps organizations manage documents, records, correspondence and contracts.
A third party, Tennenbaum Capital Partners LLC, will invest $135 million to help finance the transaction.
Hummingbird said the deal will generate immediate cash that will allow the company to continue to focus on its mission of offering ECM and connectivity products.
The company reported a $4.9 million profit in its second quarter, driven by winning new customers and expanding deals with existing customers. Hummingbird competes with other ECM developers including Interwoven Inc., IBM Corp., EMC Corp. and FileNet Corp.
Provided the transaction is approved by shareholders and regulators, the acquisition is expected to close in July.
Symphony Technology Group owns several companies including Information Resources Inc. and Gers Inc.
IDG News Service
Sign up for ITworld's Daily newsletter
Follow ITworld on Twitter @IT_world
Esther Schindler
If the comments are ugly, the code is ugly
claird
SVG a graphics format for 21st century
pasmith
Take Chrome OS for a test spin
Sandra Henry-Stocker
Solaris Tip: Have Your Files Changed Since Installation?
jfruh
Android fragments vs. the iPhone monolith
mikelgan
What Gizmodo missed about the Pro WX Wireless USB disk drive
Sidekick: The Good News & the Bad News
Either way you look at it Microsoft Data Center management did not follow standards or best practices in this failure. In which case it makes me wonder more about the outsourcing of corporate data much less personal data.
- mburton325
Join the conversation here
Quick, practical advice for IT pros. Made fresh daily.
Want to cash in on your IT savvy? Send your tip to tips@itworld.com. If we post it, we'll send you a $25 Amazon e-gift card.
