By Lisa Kerner
Charlotte, N.C., Sept. 4 - Open Text Corp. announced that its subsidiary entered into an agreement to acquire Captaris, Inc. for $4.80 per share, or a total of approximately $131 million.
The agreement follows an evaluation of strategic alternatives by Captaris' board of directors.
According to Open Text, the transaction is expected to close by the end of the year.
Open Text president and chief executive officer John Shackleton said Captaris' technology will provide "another on-ramp for integrating content into our enterprise content management solutions."
RBC Capital Markets is advising the Captaris board.
Captaris' software products enable customers to convert paper documents to digital content. The company is based in Bellevue, Wash.
Open Text, located in Waterloo, Ont., develops, markets, sells, licenses and supports enterprise content management solutions primarily in North America and Europe.
| Acquirer: | Open Text Corp.
|
| Target: | Captaris, Inc.
|
| Announcement date: | Sept. 4
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| Transaction total: | $131 million
|
| Price per share: | $4.80
|
| Expected closing: | End of 2008
|
| Stock price for target: | Nasdaq: CAPA: $3.74 on Sept. 3
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