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Deltek to buy Onvia
Posted on Friday, 06 October 2017 13:28
US software developer Deltek and its parent Project Diamond Intermediate Holdings are acquiring Onvia, an online government contracts research and analytics platform operator, for USD 70.00 million in cash.
The Seattle-based target’s board have unanimously approved the deal to stockholders, who have been offered USD 9.00 per share.
Following completion, which is expected during the fourth quarter of 2017, Onvia will delist and become a privately held company.
The business provides sales intelligence and acceleration technologies for parties interested in bidding for contracts in the public sector.
For the six months ending 30th June 2017, the firm reported a net loss of USD 1.57 million, widened from a net loss of USD 0.11 million last year.
Nasdaq-listed Onvia, which was founded in 1996, is currently developing a new flagship platform, Onvia 8, which will improve the user interface and allow projects to be shared in order to speed up clients’ sales.
Chief executive Russ Mann said: “As part of Deltek, we intend to focus on innovating and expanding our data and product offerings”.
Onvia’s share price rocketed following the announcement, with stock closing at USD 8.95 on 5th October, up 97.0 per cent from USD 4.55 on 4th October.
Headquartered in Herndon, Virginia, Deltek develops enterprise information and management software for government contractors and was established in 1983.
It is ultimately owned by Roper Technologies, which bought the business from private equity firm Thoma Bravo for USD 2.80 billion at the end of last year.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 2,348 deals targeting US data processing, hosting and related services companies announced so far this year.
The most valuable of these deals closed in April, when Apollo Global Management acquired Nebraska-based online conferencing and collaboration platform operator West Corporation for USD 5.10 billion.
Other targets include include AppDynamics and CCC Information Services, in deals worth USD 3.70 billion and USD 3.00 billion, respectively.
© Zephus Ltd