- NexJ Systems Inc. (NXJ) has agreed to sell all of its outstanding common shares to a subsidiary of Constellation Software Inc. (CSU)
- NexJ Systems provides services to the finance industry and the subsidiary acquires vertical market software businesses
- The companies expect the transaction to close sometime during their fourth fiscal quarter
- NexJ Systems Inc. (NXJ) is up 44.74 per cent trading at $0.55 per share as of 2:56 p.m. ET
- Constellation Software Inc. (CSU) is up 0.10 per cent trading at $2,027.10 per share as of 2:57 p.m. ET
NexJ Systems (NXJ) has agreed to sell all of its outstanding common shares to a subsidiary of Constellation Software Inc. (CSU).
NexJ Systems provides services to the finance industry and the subsidiary, N. Harris Computer Corporation, acquires vertical market software businesses and builds them for the future.
“Constellation’s buy and hold investment strategy and commitment to providing customers software for life makes Harris a perfect permanent owner… Once NexJ is acquired by Harris, our customers who rely on our technology to support the day-to-day operations of their business will continue to receive exceptional dedicated support and services for all NexJ products,” Paul O’Donnell, NexJ’s President and CEO, said.
NexJ shareholders will receive a cash payment of $0.55 per share. The transaction will be subject to certain approvals and satisfaction of closing conditions.
NexJ shared some conditions it is subject to are non-solicitation provisions, and the NexJ board may terminate the deal in favour of an unsolicited superior proposal with a termination fee of $800,000.
The companies expect the transaction to close sometime during their fourth fiscal quarter.
“The acquisition by Harris… will provide the financial strength and operational support required as NexJ continues its transition to a subscription-based license model and seeks to grow its global competitiveness and provides a secure future for our customers and employees,” Scott Beattie, Chair of NexJ’s Board, said.
NexJ Systems Inc. (NXJ) is up 44.74 per cent trading at $0.55 per share as of 2:56 p.m. ET.
Constellation Software Inc. (CSU) is up 0.10 per cent trading at $2,027.10 per share as of 2:57 p.m. ET.