SoftBrands (NYSE Amex, SBN) has agreed to be acquired by Golden Gate Capital and Infor Global Solutions for $0.92 per share for a total valuation of $80 million. The offer price of $0.92 per share was a 100% premium to the company's closing price on the day prior to the announcement. The company provides enterprise software and related professional services for businesses in the manufacturing and hospitality industries worldwide. Wells Fargo Foothill is providing financing for the deal.
So far in 2009, private equity firms have completed or announced investments in 34 software companies, according to the PitchBook Platform. Four of the deals have been for similar public companies to SoftBrands, whose stock is trading at very low levels. A third of the deals have been minority investments, such as Warburg Pincus' $175 million PIPE of Nuance Communications (NASDAQ, NUAN). Thoma Bravo has been the most active investor with one completed investment and two it announced in the beginning of April that are expected to close soon.