Onvia, Deltek subsidiary enter merger agreement
Business intelligence company Onvia announced that it has entered into a merger agreement with Project Diamond Intermediate Holdings Corp
Business intelligence company Onvia announced that it has entered into a merger agreement with Project Diamond Intermediate Holdings Corp, the parent entity of software solutions company Deltek.
Under the terms of the merger agreement, Project Diamond Intermediate Holdings Corp will acquire all of the outstanding shares of Onvia common stock for $9.00 per share in an all-cash tender offer.
The purchase price represents a 100% premium to Onvia's last closing stock price of $4.50. The value of the transaction, which was unanimously approved by Onvia's Board of Directors, is approximately $70m.
"We are extremely pleased with this transaction, which we believe is a winning proposition for all of our stakeholders," said Van Skilling, chairman of Onvia, and Russ Mann, CEO of Onvia in a joint comment.
"The transaction represents a substantial cash premium to our stockholders and follows a robust process and comprehensive review of strategic alternatives undertaken by our Board of Directors earlier this year."
Munn added: "Deltek is a large and highly regarded firm in the enterprise software and solution space for project-based businesses, with complementary product and services offerings to Onvia's.
“As part of Deltek, we intend to focus on innovating and expanding our data and product offerings, which will benefit our customers, employees and partners.”
Deltek is a global provider of enterprise software and solutions for government contractors, professional services, and other project-based businesses.