Sopheon, the InnovationOps software company, announced that its board has reached agreement in principle on terms of a recommended cash acquisition by Wellspring, a global leader in software solutions for technology transfer, IP management, and innovation. The combined company will offer complementary software products and services that will make innovation scalable and predictable for customers.
“After three solid years of growth and market expansion, including three acquisitions of our own, Sopheon is ready for the next major market opportunity," said Greg Coticchia, CEO of Sopheon. “Combining two InnovationOps leaders means we will be able to deliver a more expansive offering, one that is uniquely capable of delivering significant added value for customers and superior growth for the combined company.”
Under the proposed terms, Sopheon’s shareholders would receive £10.00 per share in cash. The per share purchase price represents a 104% premium to the Company's closing stock price on October 30, 2023 (the last trading day prior to the announcement of the transaction). The transaction is expected to close in early 2024 and is subject to formal processes and conditions including publication of firm offer documentation, and shareholder and regulatory approvals.
Sopheon’s InnovationOps software, services and expertise provide purpose-built tools for innovation and product leaders and their teams covering the entire innovation and product lifecycle, from discovery to realization. Sopheon helps the world’s leading businesses bring their most powerful innovations and products to market in alignment with their strategy, resulting in faster time-to-value and greater market impact.
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