Enterprise application integration firm TSI International Software Ltd said Thursday it has acquired Braid Group Ltd, a privately-held company headquartered in London which provides EAI software for the financial services market. The deal calls for TSI to acquire all of the outstanding shares of Braid for $30m in cash and approximately 1.1 million shares of TSI common stock – valuing the transaction at $95.2m based on Thursday’s closing price. Additional consideration of up to $20m in cash or stock will be paid contingent on Braid meeting certain performance criteria.
The transaction will be accounted for as a purchase and is scheduled for immediate closing, TSI said. Richard Little, group chairman and founder of Braid, will become a member of TSI Software’s board of directors and managing director Peter Little and his team will retain their current roles. TSI reckons the acquisition – with Braid’s 300 customers – gives it a strong position to accelerate opportunities for the company’s Mercator EAI software in financial services and significantly expands its coverage in the European and Asia Pacific markets. With Braid, TSI Software’s sales and marketing staff will increase by more than 30% to over 135 people.
