The Insider's Guide to Business and IT Agility
05/01/2008
The Board of Micro Focus International plc announced it has reached agreement on a recommended cash offer of US$7.20 per share for the entire issued and to be issued share capital of NetManage, Inc., the NASDAQ-listed software provider of technologies to transform core applications into new Web-based business solutions, and has entered into a merger agreement with NetManage which contains certain assurances in relation to the implementation of the merger.
ebizQ received the following: The price represents a premium of approximately 73% per share based on the closing price of US$4.15 per NetManage share at the close of business on 30 April 2008, which is the last day of trading prior to this announcement. The Offer values the existing issued share capital of NetManage at approximately US$73.3 million including the value of all outstanding options. The transaction is conditional upon NetManage's minimum cash balance, immediately prior to closing, being at least $25 million.
NetManage, which specialises in Application Modernization software, is highly complementary to Micro Focus's core business. For the year to 31 December 2007, NetManage's net revenues were US$36.0 million. Maintenance revenues for the year to 31 December 2007 accounted for approximately 62% of total revenues and have stabilised over the last two financial years at approximately US$22.0 million. Loss before tax for the 2007 financial year was US$1.7 million on a US GAAP basis. NetManage's gross assets at 31 December 2007 were valued at US$42.7 million of which US$25.4 million was held in cash, cash equivalents and short term investments. As a minimum at closing of the transaction, NetManage's cash balance will be US$25 million, representing a minimum of US$2.6 per common share. Commenting on the Offer, Stephen Kelly, Chief Executive Officer of Micro Focus International plc, said:
"The recommended offer for NetManage is consistent with Micro Focus's strategy of acquiring companies complementary to our core areas of expertise, where significant synergies and benefits can be derived. The combination of Micro Focus and NetManage will enhance Micro Focus's position as a leading player in the Application Modernization market and provide the enlarged Group with further opportunities for growth through a more comprehensive and broader product offering. Due to the complementary nature of the two businesses from a market, product and financial perspective, we are well placed to deliver value from this acquisition. It is intended that the NetManage business will be fully integrated into the Micro Focus Group following completion of the Offer."
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June 3, 2009
One of the most compelling trends in the enterprise business technology space over the past year has been the emergence of cloud computing. In ebizQ’s upcoming Qcamp virtual un-conference, leading industry experts and practitioners will explore the role of service-oriented architecture (SOA) and business process management (BPM) in supporting cloud-computing initiatives. Additionally, the new skills that developers and IT managers need for successful cloud development will be discussed.Register
Date: Aug 26, 2009
Time: 12:00 PM
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Date: Sep 30, 2009
Time: 12:00 PM
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Date:Aug 26, 2009
Time:12:00 PM
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Date:Sep 30, 2009
Time:12:00 PM
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