Israeli ClickSoftware to Go Private; to Be Acquired by Francisco Partners for $438 million in all cash

ClickSoftware Shareholders to Receive $12.65 per Share in All Cash Transaction

maxresdefault

 

US private equity fund Francisco Partners have acquired Israeli automated mobile workforce management and optimization solutions provider ClickSoftware Technologies Ltd. (Nasdaq: CKSW) for $438 million in an all-cash transaction. ClickSoftware will delist from Nasdaq when the deal is completed in July and become a private company.

READ MORE:

Under the terms of the agreement, Francisco Partners will acquire all of ClickSoftware’s outstanding ordinary shares for $12.65 per share in cash. This represents a premium of approximately 45% over the average closing price of the Company’s shares on the Nasdaq Global Select Market during the previous 90 calendar days. The Board of Directors of ClickSoftware unanimously approved the merger agreement and recommends that ClickSoftware’s shareholders approve the agreement.

Dr. Moshe BenBassat, Founder and CEO of ClickSoftware, said, “After a comprehensive evaluation and review of strategic alternatives designed to enhance shareholder value, we are confident this agreement represents a favorable outcome for our shareholders, providing them with immediate, substantial cash value. Furthermore, we are excited to partner with Francisco Partners, a firm with an established track record of working with companies transitioning to Cloud and with companies in relevant verticals to ClickSoftware. The added flexibility we will have as a private company, combined with the benefit of FP’s knowledge and domain expertise, will allow us to more effectively focus on our long-term investment and growth objectives, which will benefit our employees, customers and partners.”

“We are excited to support the continued growth of ClickSoftware, ” said Matt Spetzler, Partner at Francisco Partners. “ClickSoftware is a leader in the mobile workforce management space, and we look forward to combining our expertise with its talented team of professionals to further enhance its Cloud solutions, grow its customer pipeline and further advance its strategic goals.”

ClickSoftware’s shareholders will be asked to vote on the proposed transaction at a special meeting of shareholders that will be held on a date to be announced. ClickSoftware expects the transaction to be completed in July 2015. Upon completion, ClickSoftware will become a privately held company.

Jefferies LLC is acting as exclusive financial advisor to ClickSoftware. Amit, Pollak, Matalon & Co. is acting as legal counsel to ClickSoftware, and Sullivan & Worcester LLP is acting as U.S. counsel to ClickSoftware.

Barclays Capital Inc. is acting as exclusive financial advisor and Meitar Liquornik Geva Leshem Tal is serving as legal counsel to Francisco Partners.

Preliminary First Quarter Results ClickSoftware today also announced preliminary results for the first quarter ended March 31, 2015. Revenue for the first quarter of 2015 is expected to be in the range of $26 to $27 million. The Company expects to incur a net operating loss on a GAAP and non-GAAP basis for the first quarter of 2015.

 

Read more about: , , , , , , , , ,

Wordpress site Developed by Fixing WordPress Problems