The company is located in Boston, and Carbonite, Inc. (NASDAQ:CARB) proved full of beans on Monday.
The company, claiming to be a global leader in data protection and cybersecurity, today announced that it has entered into a definitive agreement to be acquired by OpenText (NASDAQ: OTEX).
The transaction values Carbonite at an enterprise value of approximately $1.42 billion and represents a 78% premium to Carbonite’s unaffected closing stock price on September 5, the last trading day before a media report was published speculating about a potential sale process.
Interim CEO Steve Munford said, "Following expressions of interest from multiple parties, the Carbonite Board conducted a thorough and comprehensive process, which included contact with a number of strategic and financial parties, to identify the best way to maximize shareholder value."
Carbonite also used the occasion to bring forth is third-quarter financial figures.
Revenue was $125.6 million, an increase of 62% year-over-year. Net loss was ($14.0) million, compared to net income of $0.6 million in 2018. Net loss per share was ($0.40) (basic and diluted), as compared to net income per share of $0.02 (basic and diluted) in 2018.
For its part, OpenText is a leader in Enterprise Information Management (EIM), both on-premises and for cloud services, offering the only complete solution for EIM with a comprehensive view of all the information within an organization. OpenText operates in 40 countries, providing a tested platform for growth and new sales opportunities.
The transaction is subject to customary closing conditions, including the tender of a majority of the outstanding shares of Carbonite common stock and regulatory approvals
CARB shares galloped $4.54, or 24.7%, to $22.94, while shares in OTEX gained $1.03, or 2.5%, to $42.59
