Vista Equity Partners Fund III has enhanced its offer to acquire SumTotal Systems to USD4.75 per share in cash.
Vista Equity Partners Fund III has enhanced its offer to acquire SumTotal Systems to USD4.75 per share in cash.
The offer values the company’s outstanding equity at approximately USD155m.
Vista, which owns approximately 13 per cent of SumTotal’s outstanding common stock, is the company’s largest stockholder. Vista focuses on equity transactions involving enterprise software businesses and technology-enabled solutions companies. The acquisition will be fully funded by Vista.
Robert F. Smith, managing principal of Vista Equity Partners, says: "After extensive discussions with the company, Vista believes that the terms of our enhanced proposal present a superior alternative for the company’s stockholders and trust that the SumTotal board of directors will agree and that we will be able to sign a definitive agreement promptly. Vista continues to believe a swift resolution that removes the increasing uncertainty and distraction of this process is in the best interests of the Company’s shareholders, employees, customers and partners."
