|Weekly News Digest
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Open Text to Acquire Nstein Technologies
Open Text Corp. (www.opentext.com), provider of enterprise content management (ECM) capabilities, and Nstein Technologies, Inc. (www.nstein.com), provider of digital content management solutions for information-rich organizations, announced that they have entered into a definitive agreement by which Open Text will acquire all of the issued and outstanding common shares of Nstein through an Nstein shareholder-approved amalgamation with a subsidiary of Open Text under the Companies Act (Quebec). The transaction is valued at approximately CDN $35 million.
According to Open Text president and CEO John Shackleton, Nstein will extend the breadth of Open Text's ECM offerings. Based in Montreal, Nstein's solutions are sold across major market segments, such as media and information services, life sciences, and government.
"This is a good fit for two strong Canadian companies," said Shackleton. "With Nstein, we have an opportunity to continue to grow as Canada's largest software company, expanding Open Text's presence in Quebec. Nstein will also add complementary technology and expertise that enhances our ECM solutions portfolio."
"This agreement helps Nstein take its next major step into the future," said Luc Filiatreault, president and CEO of Nstein. "We've always been committed to delivering innovative solutions to our customers and partners. Our agreement with Open Text is in keeping with this commitment. Customers will benefit from an expanded ECM solutions portfolio, and a shared vision for innovative solutions going forward."
The transaction is expected to close in 2Q 2010 and is subject to customary closing conditions, including approval of two-thirds of the votes cast by Nstein's shareholders and applicable regulatory and stock exchange approvals. A special meeting of Nstein's shareholders is expected to be held to consider the amalgamation in early April 2010.
Source: Open Text Corp.
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