Original URL: http://www.theregister.co.uk/2006/08/07/open_text_acquires_hummingbird/
Open Text snares Hummingbird
Interrupted Symphony
Posted in Applications, 7th August 2006 11:39 GMT
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Open Text has outgunned rival suitor Symphony Technology Group for the hand of Hummingbird.
Open Text is paying $489m cash for the enterprise content management vendor, trumping an earlier $465m agreed bid from Symphony. Open Text says that Hummingbird is a "strategic fit", but there will surely be scope for back office and real estate savings, especially in Canada, where both companies have their headquarters.
Symphony (http://www.symphonytg.com/company/) may be smarting, but as it is a private equity firm first, and operator of software companies second, the $11.7m break fee will go a long way to easing the pain. ®
Related link
Open Text release (http://www.opentext.com/news/pr.html?id=1757)