18th Jun 2008 16:58
Micro Focus International plc (MCRO.L "Micro Focus" or "the Group"), todayannounced that it has completed the acquisition of NetManage, Inc. theNASDAQ-listed software provider of technologies to transform core applicationsinto new Web-based business solutions. Completion of the transaction follows a special meeting of NetManage, Inc.shareholders held on 17 June 2008 at which its shareholders accepted the Offer.As previously announced by Micro Focus, it is intended that the NetManagebusiness will now be fully integrated into the Micro Focus Group. On 1 May 2008, Micro Focus announced an agreed offer for NetManage valuing theexisting issued share capital of NetManage at approximately US$73.3 millionincluding the value of all outstanding options. In accordance with the terms ofthe transaction, NetManage's cash balance immediately prior to closing was overand above the minimum $25 million as per the agreement, standing atapproximately $27 million. Stephen Kelly, CEO of Micro Focus International plc said: "Combining the businesses of Micro Focus and NetManage will further strengthenMicro Focus's position as a leading player in the fast growing ApplicationModernisation market and provide the enlarged Group with further opportunitiesfor growth through a more comprehensive and broader product offering. Due to thecomplementary nature of the two businesses from a market, product and financialperspective, we are well placed to deliver value from this acquisition and lookforward to implementing the integration of the NetManage business." Enquiries: \* TMicro Focus Tel: +44 (0)1635 32646Chief Executive, Stephen KellyChief Financial Officer, Nick Bray Financial Dynamics Tel: +44 (0)20 7831 3113Harriet KeenHaya ChelhotHazel Stevenson Arma Partners (Financial advisor to Micro Tel: +44 (0)20 7290 8100 Focus)Paul-No£l Gu£ly UBS (Broker to Micro Focus) Tel: +44 (0) 20 7567 8000Nick Adams\* T About Micro Focus Micro Focus (LSE: MCRO.L), is a London Stock Exchange-listed software companyheadquartered in the UK which provides innovative software that allows companiesto dramatically improve the business value of their enterprise applications.Micro Focus Enterprise Application Modernisation and Management software enablescustomers' business applications to respond rapidly to market changes andembrace modern architectures with reduced cost and risk. For additionalinformation please visit www.microfocus.com. About NetManage NetManage, Inc. (NASDAQ:NETM), is a NASDAQ-listed software company that providesthe fastest way to transform core applications into new Web-based businesssolutions. More than 10,000 customers worldwide, including the majority of theFortune 500, have chosen NetManage for mission critical application integration.For more information, please visit www.netmanage.com. Copyright Business Wire 2008Related Shares:
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