Zix To Be Acquired By OpenText For $860 Million

Email security firm Zix Corporation will be acquired by OpenText, an information management platform, for $8.50 per share, or $860 million, Zix announced on Monday. 

Zix and its financial advisor conducted a “broad outreach to more than 70 strategic and financial parties over a number of months,” states Robert Hausmann, Chairman of Zix. 

“Today’s announcement is the culmination of that process.”

An OpenText subsidiary will commence a tender offer for all outstanding shares of Zix common stock, the company says. 

The price represents a premium of 16% to the average closing price of Zix’s common stock in the 20 trading days prior to October 18, when news reports broke about the potential transaction. 

The sale is expected to close within 90 days. 

Zix’s largest shareholder, a True Wind Capital, L.P. affiliate, has agreed to convert its Series A Preferred Shares into common shares and to put those into the tender offer.

Zix will add its Secure Cloud Platform “to the Carbonite and Webroot products in OpenText’s SMB Platform,” says Zix CEO Dave Wagner. “OpenText provides the ideal opportunity to help Zix achieve its next phase of growth.”

 

 

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