Filed under: Deals, Value and lack thereof
Sopra Group has reached an agreement to acquire Tumbleweed Communications Co. (NASDAQ: TMWD) via its subsidiary Axway. Sopra’s Axway will acquire all the outstanding Tumbleweed stock in a cash transaction valued at $2.70 per share.
The acquisition is subject to regulatory approval and subject to Tumbleweed stockholder approvals, and is expected to close in the third calendar quarter of 2008.
Tumbleweed provides Secure Content Delivery Solutions to more than 3,300 customers in various industries including financial services, healthcare and government. Together, Axway and Tumbleweed will offer integrated collaborative business solutions to more than 11,000 customers globally. Sopra Group intends to merge the businesses of Tumbleweed with those of its subsidiary, Axway, a leading global provider of collaborative business solutions which reported fiscal 2007 revenue of €145 million ($218 million) and a 10% EBIT margin.
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