Canada's 20-20 Technologies to be taken private for $77 mln
July 30 |
July 30 (Reuters) - Canadian software company 20-20 Technologies Inc said it will be acquired by an affiliate of private equity firm Vector Capital Corp for $77 million.
Vector will pay $4.00 (U.S.) per share in cash to buy all of the company's shares. The stock closed at C$4.03 on Friday on the Toronto Stock Exchange.
20-20 Technologies said in April that it was reviewing strategic options because of weak demand for its software used in 3D interior design and furniture making.
The company, which reports in U.S. dollars, reported second-quarter revenue $17.9 million, up 5.2 percent from a year earlier. Net earnings fell to $200,000 from $1.0 million.
20-20's stock has traded between C$2.21 and C$4.12 over the past 12 months.
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