Thursday, September 4, 2008

Captaris Acquired For $131M

Document management software developer Captaris Inc. has agreed to terms to be acquired by Open Text Corp., a Canada-based publisher of enterprise content management applications, Open Text announced Thursday. Open Text said one of its wholly owned subsidiaries will pay Captaris shareholders some $131 million in cash in exchange for Captaris stock—a sum that translates to $4.80 per share. Open Text noted that it expects the definitive merger agreement, which must pass shareholder and regulatory scrutiny and other customary closing conditions, to become official before the end of the year. Founded in 1982, Captaris is headquartered in Bellevue, Wash. Open Text is based in Waterloo, Ontario.