Monday, July 28, 2008

Sophos offers $341M for Utimaco shares

By Mass High Tech Staff

Security software maker Sophos Plc. reports that it plans to acquire Utimaco Safeware AG for $341.8 million.

Sophos, which operates its North American headquarters in Burlington, plans to launch a voluntary public takeover offer in cash for all outstanding Utimaco shares. The deal is scheduled to be completed in October, officials said.

Sophos has also reached an agreement with Investcorp Technology Partners, Utimaco’s largest shareholder, to acquire its 24.9 percent stake in Utimaco for cash and Sophos stock when the takeover offer becomes unconditional, company officials said.

Germany-based Utimaco is a developer of data security solutions for enterprises.

Sophos intends to make a cash offer at $23.24 per Utimaco share, which represents a premium of 92 percent, 76 percent and 61 percent on Utimaco’s latest closing price, the averages of the last 30 trading day and the last 90 trading day prices, respectively. The transaction will be financed through Sophos’ existing cash, new debt facilities and equity, officials said.

In 2007, United Kingdom-based Sophos relocated its North American headquarters from Lynnfield to Burlington to accommodate its growth. The 25,000-square-foot office, which houses sales, marketing, human resources, professional services, research and development, is an extension of the company’s main North America laboratory in Vancouver, British Columbia.

In June, Sophos reported fiscal 2008 deferred revenue of $226.3 million compared with $180.6 million in fiscal 2007 — a 25 percent increase, officials said.