Docucorp International and Skywire Software Enter into a Definitive Merger Agreement12 Dec, 2006
Docucorp International and Skywire Software Enter into a Definitive Merger Agreement
DALLAS – Docucorp International, a leading provider of Customer Communication Management (CCM) solutions, and Skywire Software, a privately-held enterprise software company, announced today that they have entered into a definitive agreement, under which Skywire Software will acquire all of Docucorp’s outstanding shares for $10.00 per share in an all-cash transaction valued at approximately $127 million. Skywire Software is a subsidiary of Hall Financial Group, a $2 billion private, diversified financial firm. Upon closing, Docucorp and Skywire Software will merge to become one of the largest providers of software and services targeted to specific vertical industries.
The definitive agreement has been unanimously approved by Docucorp’s Board of Directors. Completion of the transaction is subject to customary conditions and regulatory approvals, and the approval of Docucorp’s stockholders. The parties expect that the merger will be finalized in the first quarter of calendar year 2007.
“We believe that this proposal to merge Docucorp and Skywire Software represents exceptional value for our stockholders and an exciting new future for our customers, employees and business partners,” said Michael D. Andereck, President and CEO of Docucorp International. “We look forward to continuing to grow the company through the combined offerings and capabilities of our two organizations.”
“This is a long-term, strategic investment for us,” said Craig Hall, Chairman of Hall Financial Group. “We have confidence in our decision to build a new, innovative platform with operational excellence behind a combined, complementary management team.”
Docucorp and Skywire Software are impressive as separate entities, and together, we look forward to serving more than 1,600 clients worldwide,” said Patrick Brandt, Founder and CEO of Skywire Software. “With an extraordinary assembly of talented employees, market-leading products and an aggressive plan to innovate, the new company will be well positioned to serve our current and future customers.”
Upon completion of the merger, Michael D. Andereck, President and CEO of Docucorp, will serve as the Executive Chairman of the Board. Patrick Brandt, CEO and Founder of Skywire Software, will serve as President and CEO of the merged company.