Waterloo, Ont.-based Open Text Corp. is laying $68.5 million on the table today in a bid to takeover Ottawa-based software maker Accelio Corp.
A maker of collaborative software that helps organizations tie together customer and company data, Open Text is launching a bid to buy slightly more than 66 per cent of Accelio’s common shares at $2.75 a share.
In a prepared press statement, Tom Jenkins, Open Text’s CEO, said “the combined operations of Open Text and Accelio will achieve a stronger presence in the marketplace.”
The company said its decision to appeal directly to shareholders was made after “recent market activity . . . and discussions between Open Text’s advisors and certain shareholders of Accelio.”
Known from its inception until last year as JetForm Corp., Accelio has an estimated 8.5 million users worldwide of its products, which include electronic forms and other business process automation products.
More information to come.
Open Text Corp. in Waterloo, Ont., is at http://www.opentext.com
Accelio Corp. is Ottawa is at http://www.accelio.com