Tibco Software has entered into a definitive agreement to acquire Proginet, a provider of managed file transfer offerings, in a transaction valued at approximately $23m.
Proginet offers universal, multi-platform software offerings for file transfers both inside and outside the enterprise. Its products include, CyberFusion Integration Suite (CFI), Slingshot, AnyFileNow and RocketStream.
Tibco said that the acquisition of Proginet is expected to complement its core integration offerings.
Under the terms of the agreement, Proginet stockholders will receive $1.15 in cash for each share of Proginet common stock they hold, representing a premium of approximately 22% to the closing price of Proginet’s common stock on the last trading day before the signing of the merger agreement.
Sandy Weil, president and CEO of Proginet, said: "This transaction achieves significant value for our shareholders and will help extend our global reach as a leading provider of managed file transfer technology.
"Together with Tibco, we will be able to deliver services and technologies that improve business processes for companies worldwide."
The transaction is expected to close during Tibco’s fiscal third quarter and until the deal closes each company will continue to operate independently.
