(Reuters) - EMC Corp EMC.N said it agreed to acquire Document Sciences Corp DOCX.O, a provider of communications management software, for $14.75 per share in cash, a 79 percent premium to the stock’s closing price on Wednesday.
The deal values Document Sciences at about $85 million. EMC does not expect the deal to have a material impact on its 2008 results, the maker of corporate data storage equipment said in a statement.
The deal is expected to close in the first quarter of 2008, it added.
With the acquisition, EMC expects to strengthen its presence in the transactional content management market.
Document Sciences provides technology to automate and deliver personalized customer communication.
On completion of the acquisition, EMC plans to operate Document Sciences as a business unit within the EMC Content Management and Archiving division, EMC said.
On Wednesday, shares of Document Sciences closed at $8.235 on the Nasdaq while EMC shares closed at $18.96 on the New York Stock Exchange.
Reporting by Anant Vijay Kala in Bangalore; Editing by Gopakumar Warrier