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NaviSite provides managed IT services including hosting, managed application, managed messaging and managed cloud services. The deal represents a 33 percent premium over NaviSite’s Tuesday closing price of $4.13 a share - the company’s highest share value in the past three months of trading, after a three-day run brought it up from about $3.50.
The deal is a significant improvement for NaviSite shareholders over a $3.05-per-share offer tendered in July by Atlantic Investors, a New York firm that owned more than a third of the company at the time.
In a statement, Time Warner chairman and CEO Glenn Britt called the media company’s commercial services business “a key growth driver for the company and one in which we continue to see great opportunity.” He said Time Warner expects to build on the NaviSite acquisition to improve its services offering to small and midsize businesses.
NaviSite has about 1,200 customers, and employs about 570 people worldwide, according to today’s press release, which did not offer specific plans for the company’s Massachusetts employees.
NaviSite reported $9.8 million net income attributable to shareholders on $126.1 million revenue in its 2010 fiscal year, which ended July 31, 2010.
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