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Open Text snares Hummingbird
Interrupted Symphony
Mon 7 Aug 2006 //
11:39 UTC
Open Text has outgunned rival suitor Symphony Technology Group for the hand of Hummingbird.
Open Text is paying $489m cash for the enterprise content management vendor, trumping an earlier $465m agreed bid from Symphony. Open Text says that Hummingbird is a "strategic fit", but there will surely be scope for back office and real estate savings, especially in Canada, where both companies have their headquarters.
Symphony may be smarting, but as it is a private equity firm first, and operator of software companies second, the $11.7m break fee will go a long way to easing the pain. ®
Biting the hand that feeds IT
