(Alliance News) - Smartspace Software PLC on Thursday recommended a takeover approach by Sign In Solutions Inc.
The Bury St Edmunds, England-based developer of smart software solutions said it agreed to a GBP28.4 million takeover by the Florida-based software company. Sign In Solutions does not intend to change the location of SmartSpace's headquarters or its function in the 12 months following the effective date, SmartSpace said.
Smartspace currently has a market capitalisation of GBP25.4 million.
Sign In will pay 90 pence per Smartspace share, which was up 13% to 85.12p each on Thursday afternoon in London, following the news.
In February, Skedda Holdings Inc, which offers a space scheduling platform, pulled out of the running to make a bid. It had a proposed a 82p per share deal in December, though that was trumped by Sign In's indicative offer of 90p.
Sign In Solutions Chief Executive Officer Jeff Gordon said Thursday: "Both Space Connect and SwipedOn will contribute directly to SIS's rapidly expanding growth in the global visitor management market. SwipedOn, in combination with our current Sign In App offering, further enables us to continue to grow market leadership by providing further insight and critical pre-requisite information to our customers. Additionally, Space Connect, along with our current solutions, offers industry leading convenient and comprehensive logistics support to those who engage with our customers' businesses."
By Tom Budszus, Alliance News slot editor
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Smartspace (SMRT)