The Channel logo

News

By | Team Register 27th April 2006 14:23

Golden Gate opens up for Systems Union

Bid comes via Bidco

Systems Union shareholders attending its AGM today are considering a £220.5m takeover bid from a subsidiary of equity firm Golden Gate capital.

The financial software firm revealed that it had received an offer of 215p per share from Bidco, a vehicle setup to carry the move as “an indirect wholly owned subsidiary of Extensity”.

In case you’re wondering, Extensity is the new name for the financial software business of Geac, the Canadian financial software company taken over by Golden Gate Capital in a $1bn deal last month.

Systems Union said the deal would help it attain “critical mass” which would help it maintain its position in the mid-range financial software market, and extend its potential product range. The deal would create a group with revenues of $500m, and a product range spanning financial software, BI, and performance management.

Talk of a bid for Systems Union first cropped up last month, with shares of the firm jumping from 180p to 225p in a single morning. Shares were at 211.75p at time of writing. ®

alert Send corrections

Opinion

Privacy image

Frank Jennings

Two working parties, ministers galore... but data transfer law remains in limbo
EMC_Unity_bezel

Chris Evans

It does simplify the hardware setup, whatever it is
A microscopic view of the biometric shark skin. Pic: James Weaver

Chris Mellor

Do something and stop faffing about in the bush league

Kat Hall

International system in general needs greater transparency

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers