Enterprise data administration options supplier OpenText on Monday introduced the acquisition of electronic mail safety firm Zix for $860 million.
OpenText will purchase Zix for $8.50 per share in money. Zix shares surged on October 19, after Reuters reported that the corporate had been “exploring strategic options that embrace a sale of the corporate.”
Zix stated the acquisition by OpenText will assist it develop additional, with the deal anticipated to end in extra sources and product capabilities.
“Closing is topic to the tender of two-thirds of Zix’s frequent shares excellent in addition to customary regulatory approvals and different customary situations, and the transaction is anticipated to shut inside 90 days of this announcement,” the businesses stated in a press launch saying the deal.
“Zix’s largest shareholder, an affiliate of True Wind Capital, L.P., has agreed, topic to satisfaction of sure situations, to transform its Sequence A Most well-liked Shares into frequent shares and to tender these shares within the tender supply. Zix’s govt officers and sure administrators have likewise agreed to tender their frequent shares within the tender supply.”
Zix supplies electronic mail encryption, electronic mail risk safety, electronic mail message privateness, backup and restoration, data archiving, safe file sharing, and Microsoft 365 merchandise.
The corporate claims to have 21,000 prospects, together with 1,200 healthcare organizations and 30% of banks in america.
Zix on Monday additionally launched its financial report for the third quarter of 2021. The corporate reported an 18% enhance in income in comparison with the identical quarter of 2020. Its income reached almost $65 million for the third quarter and $187.7 million year-to-date.
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