Business software company Tibco Software Inc. has agreed to buy statistical data-analysis company Insightful Corp. for $1.87 per share in cash, the companies said Thursday.
Based on the number of Insightful's outstanding shares as of April 30, the deal is worth about $24.3 million. Including certain assumed options, Tibco valued the deal at about $25 million.
Tibco said it expects Insightful's technology to complement important growth areas in its portfolio. Insightful said its shareholders will receive $1.87 for each of the company's shares they own. This is 2 cents lower than the stock's closing price on Wednesday.
The per-share price, Insightful said, represents a 29 percent premium over the average closing price of the company's shares for the 60 trading days leading up to Wednesday.
The deal is expected to close during Tibco's fiscal third quarter, which ends in August.
Tibco's shares rose 3 cents to $7.38 in afternoon trading.
Seattle-based Insightful's shares fell 7 cents, or 3.7 percent, to $1.82.
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