HelpSystems and GlobalSCAPE to Merge
A merger agreement has been signed between American software companies GlobalSCAPE and HelpSystems.
The impending move was jointly announced by both companies earlier today, along with the news that HelpSystems will acquire all outstanding shares of GlobalSCAPE for $9.50 per share in cash. This represents a 16% premium to the closing price for GlobalSCAPE stock on July 17, 2020.
The combined company, whose name has not yet been officially announced, is to focus on providing the most comprehensive collection of trusted security and automation solutions to customers worldwide.
HelpSystems is a Minnesota-based IT software company recognized as the biggest independent IBM software vendor in the world.
GlobalSCAPE has been creating secure managed file transfer (MFT) solutions from its San Antonio, Texas, headquarters for over two decades. Company CEO Robert Alpert said the upcoming merger between HelpSystems and GlobalSCAPE will be empowering.
“GlobalSCAPE’s offerings are a great fit with HelpSystems’ suite of security products,” said Alpert. “Our strength lies in moving mission-critical files both in and out of the cloud, coupled with our commitment to customer service and in helping organizations meet their cybersecurity and compliance needs. Joining HelpSystems solidifies and strengthens this promise.”
Alpert said that the achievements attained by GlobalSCAPE to date were derived from the excellence of the company’s workforce.
“Our success is rooted in our people; the men and women of GlobalSCAPE are passionately dedicated to client success,” said Alpert.
“The product and individual awards earned over GlobalSCAPE’s twenty-three-year history testify to our spirit of service. I am proud of our accomplishments, including our ability to return substantial capital to shareholders, with special dividends of $0.50 per share in May of 2019 and $3.35 per share in December of 2019, in addition to the $9.50 per share that holders will receive in the transaction with HelpSystems.”
The planned merger will augment HelpSystems’ data security business, which includes data loss prevention and data classification software.
CEO of HelpSystems Kate Bolseth said: “GlobalSCAPE’s MFT solution and expertise further strengthen HelpSystems’ growing cybersecurity business. Combining this with our data loss protection and data classification technology provides depth to our triple-threat defense against customer cybersecurity risks.”
The transaction is structured as a tender offer followed by a merger, valued at approximately $217m, including debt to be refinanced.
This post HelpSystems and GlobalSCAPE to Merge originally appeared on InfoSecurity Magazine.
