Hyperion, the leader in business performance management software, and Brio Software, a leading provider of next generation business intelligence software, announced that they have signed a definitive agreement for Hyperion to acquire Brio. By adding Brio's easy-to-use query and reporting capabilities to the Hyperion platform, the acquisition will extend Hyperion's leadership as the world's largest provider of business performance management software.
Under the terms of the agreement, Brio shareholders will receive a combination of 0.109 of a share of Hyperion common stock and $0.363 for each share of Brio common stock. Based on the closing price of Hyperion's stock on July 22, 2003, the transaction is valued at approximately $142 million. Brio shareholders will own approximately 10.5 percent of Hyperion after the completion of the transaction. The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions, including the approval of Brio's stockholders and regulatory approvals. It is expected to close in the fourth calendar quarter.
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