Business software maker Deltek makes $72 million bid for European rival Maconomy
By APThursday, June 3, 2010
Software maker Deltek makes bid for Maconomy
HERNDON, Va. — Deltek Inc., which makes business software for tracking expenses, performance and other functions, said Thursday it had made an offer to buy its Danish rival Maconomy for about $72 million.
Herndon-based Deltek said it is launching a tender offer for Maconomy’s shares at about $3.39 each. That is a premium of 50 percent over the stock’s prior-day closing price on the Copenhagen Exchange.
Maconomy’s board and executives have unanimously endorsed the offer, which is expected to close in early July. To complete the deal, the holders of around 90 percent of all Maconomy shares must approve the offer. The company’s two largest shareholders, who control 30 percent of the stock, have already tendered their shares, the companies said.
Deltek and Maconomy make similar software. Deltek sells its products primarily in North America, while Maconomy has a strong presence in Europe and serves companies in 60 countries.
“We are very excited to combine Maconomy’s industry-leading capabilities and domain expertise with Deltek, and we are committed to investing in both the Maconomy and Deltek product suites to provide maximum value and flexibility to our combined customers,” Deltek President and CEO Kevin Parker said. “There are obvious strategic opportunities from this combination, and Maconomy’s innovative software solutions and geographic reach perfectly complement Deltek’s existing offerings for professional services firms.”
Deltek employs 1,100 people in the U.S., the United Kingdom, Australia and the Philippines and had revenues of $266 million in 2009. Copenhagen-based Maconomy has 230 employees and has five European offices and a U.S. office. Maconomy posted revenues of DKK 220 million ($41 million) last year.
Deltek shares closed flat at $7.96.
