John Shackleton, president and CEO of Open Text, said in a news release that the proposed buyout would add “complimentary technology and expertise” to his company’s ECM solutions portfolio.
Metastorm, which is headquartered in Baltimore, provides software for BPM, business process analysis and enterprise architecture. Robert Farrell, Metastorm chairman and CEO, stated: "Combined with Open Text, Metastorm will be able to provide a broader and deeper range of offerings to our customers, while leveraging the strength and stability that comes with being part of a larger global organization."
Open Text, a privately held company based in Canada, provides solutions to manage business, compliance and industry requirements.
Stockholders of Metastorm will receive $182 million in cash from the transaction, which they have already approved in support agreements on the transaction, according to an Open Text news release. The deal is subject to customary approvals and is expected to close in March.
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