TIBCO swoops on Staffware
Offers £128m for UK firm
Staffware shareholders are due for a nice windfall, following its agreed takeover by TIBCO.
TIBCO is doing its bit for consolidating the enterprise software market by offering approx. £128m in cash and shares ($217m) for the British software house - a premium of 41 per cent on Wednesday's closing share price.
US-based TIBCO is a pure-ish play enterprise application integration (EAI) vendor. Through this acquisition it gains a much stronger business process management (BPM) string to its bow. It also gains access into "new and emerging markets including retail banking, insurance, public sector and telecommunications, as well as increased geographic presence within Europe and Asia Pacific".
According to Vivek Ranadive, TIBCO chairman and CEO, the combined businesses can "accelerate market momentum relative to market peers, and set a new standard for what is needed to effectively compete in the BPM market".
It seems that such thinking drove Staffware into the arms of TIBCO. It had pondered ways of building a significant business in the US, before opting for TIBCO, John O'Connell, chairman and CEO of Staffware, said. The offer delivers "attractive value for Staffware's shareholders without the potential costs and risks associated with the significant investment that would otherwise be required in our North American business". ®
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