American technology focused venture capital firm Battery Ventures has through BV Acquisitions AB made an offer to acquire enterprise resource planning (ERP) software company Jeeves Information Systems AB (STO: JEEV).
The Bid Committee of Jeeves unanimously recommends accepting the offer, which has a total value of about 237 million. BV is bidding 83 SEK per share in cash, which represents just below 51% premium on Friday close and is considerably above any historic average and absolute price for the stock as well.
BV has had access to preliminary balance sheet as per February 29 and January-February profit-loss accounts. The company’s software which targets small and medium sized companies has over 30 000 users worldwide. Its sales have been growing somewhat to approach 200 million SEK per annum.
Owners representing about 40% of the total number of shares and votes have irrevocably agreed to accept the offer conditional that there isn’t a competing offer that is at least 10 percent higher. The Bid Committee said it does not see material changes to the employment of the over 100 employees that the company currently has.
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