Monday, March 17, 2008

Captaris Seeks Buyer, Gets Unsolicited Offer

Captaris Inc., a publisher of software that automates document-centric business processes, revealed Monday that its board of directors has decided to begin searching for a buyer. Officially, the Bellevue, Wash.-based business said the measure is a means to improve its stock value. Toward that end, Captaris said its board has established a special committee comprised of independent directors: Bruce L. Crockett, Daniel R. Lyle, Thomas M. Murnane and Patrick J. Swanick. Crockett, the board's chairman, noted that the company has received several unsolicited inquiries expressing interest in a potential transaction. Separately, San Francisco-based Vector Capital said this morning that it has made an unsolicited offer for Captaris, and is looking to purchase the firm for $4.75 per share. That proposed deal is worth approximately $125M.