Mergers and Acquistions News
Categories: Software
January 25th 2010, 16:51PM
Stockholm-based financial services software firm Orc Software has moved to propose a merger with Neonet, a global agency brokerage firm and technology provider.
Orc Software's board of directors will make a public offer of 0.125 of its new shares per Neonet share, representing a total value of approximately SEK 1,277 million (£109 million) and a bid premium of 22 per cent based on the closing prices on January 22nd.
It is hoped that the merger will generate valuable synergies on the income and costs side, improving the operating income of the combined firm by SEK 130 million (£11 million) annually.
"By joining forces, the merger will enable us to develop better technology, faster and at a lower cost," commented Thomas Bill, chief executive officer of Orc Software.
"Following a period of powerful growth in Orc, this transaction will ensure access to a significantly larger potential market."
Last month, Orc Software announced the availability of its new interface to the Singapore Exchange, further extending the firm's reach in Asia.
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