Software firm smartFOCUS (LON:STF) is to be acquired by Emailvision Holdings for £25 million in cash.
The recommended deal values SmartFOCUS at 25 pence a share – a 61 per cent premium to Friday’s closing price.
Interim CEO of smartFOCUS Curt Bloom said: "The smartFOCUS directors are delighted to unanimously recommend the proposed cash acquisition at 25 pence per share and consider a combination with Emailvision represents the best opportunity for shareholders to realise their investment at a significant premium."
Nick Heys, CEO of Emailvision, said of the acquisition: "We are excited to further our presence in the UK and US as well as adding multi-channel campaign management to our portfolio of products."
Emailvision Holdings has received the backing from investors speaking for 51.7 per cent of the shares.
Separately, smartFOCUS announced its results for the year ended December 31, in which it posted revenues of £13.9 million (FY2009: £11.9 million) and a pre-tax profit of £0.9 million (FY2009: £0.5 million).
As at 31 December 2010, its total assets were £11.4 million (FY2009: £10.5 million), net assets were £4.3 million (FY2009: £3.5 million) and net cash was £2.7 million (FY2009: £2.4 million).
SmartFOCUS is a global provider of email and multi-channel marketing software and services.
Emailvision Holdings is a newly-incorporated private limited company which is indirectly controlled by investment funds advised by Francisco Partners. The Emailvision Group focuses on on-demand software for email, mobile and social marketing.
SmartFOCUS shares were trading up this morning by 58 percent - at 24.50 pence per share.