SS&C Technologies Holdings Inc. said it had agreed to acquire Blue Prism Group Plc in a deal that values the company at about 1.2 billion pounds $1.6 billion. None of China Cash Flowed Through Congo Bank to Former President's Cronies
Blue Prism said directors will recommend shareholders vote to approve the 1,275 pence-a-share offer, which follows months of rival bidding, according to a statement Wednesday.
Jason Kingdon, chairman and chief executive officer of Blue Prism, said that the opportunity presented by the combination of Blue Prism and SS&C will give us access to significant capital resources and investment in R&D, along with access to SS&C's extensive 18,000 customers.
Blue Prism said in mid-December it was reviewing a potential 1,200 pence-a-share offer from SS&C, which improved on an earlier bid from Vista Equity Partners at 1,125 pence a share.
Vista raised its bid to a final recommended cash offer of 1,250. The directors of Blue Prism have unanimously decided to withdraw their Vista recommendation.
Blue Prism develops software for enterprise customers using machine learning, artificial intelligence and related tools that businesses can easily integrate into their own systems. According to the statement, it works with more than 2,000 businesses, including Fortune 500 companies.
Private equity firms are drawn to the stable revenue streams that their subscription models can generate, which has proved to be popular with such business. In November, Bloomberg reported on Germany s Software AG's plans for a sale.
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Blue Prism shareholders have been lobbying for a higher bid. Polygon Global Partners LLP, the company's second-largest shareholder, said the two bidders competing to take over the U.K. software company can afford to pay more.
Coast Capital founder James Rasteh, who owns about 3% of the group's shares, said Blue Prism was an absolute steal at 1,200 pence a share.
The original offer from Vista represented a 35% premium to Blue Prism's closing price of 832 pence on Aug. 27, the last full trading day before takeover interest in the company became public.
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