Backup Software Firm Double-Take Gets Acquired - EnterpriseStorageForum.com

Backup Software Firm Double-Take Gets Acquired

Data backup and protection company Double-Take Software (NASDAQ: DBTK) has reached an agreement to be acquired by a private equity firm for $242 million.

Double-Take, which boasts more than 20,000 customers, largely in Microsoft Windows environments, will be acquired by Vision Solutions, a portfolio company of private equity firm Thoma Bravo.

Double-Take's board has approved the deal and recommended approval to the company's stockholders.

The offer of $10.55 a share in cash is a 21 percent premium to the company's April 9 close, the last trading day before the company announced that it had received a takeover offer and near the stock's 52-week high of $11.14.

"The board of directors of Double-Take, working with our legal and financial advisors, has been reviewing strategic alternatives for the company for the past several months,' CEO Dean Goodermote said in a statement. "During that time, we have had the opportunity to share the Double-Take story and this transaction represents the successful conclusion of that process. Our board of directors and the management team are extremely pleased to announce this transaction and look forward to developing and supporting innovative recovery solutions for our clients globally."

"The offer for Double-Take Software underscores our focus to provide customers with the best information availability products and the most exceptional support and service in the industry," stated Vision Solutions CEO Nicolaas Vlok.

The deal is expected to close in the third quarter, but it will first have to surmount a legal obstacle.

Just a few hours after the merger agreement was announced this morning, legal firm Levi & Korsinsky said it is investigating Double-Take's board.

"The investigation concerns whether the Double-Take Software Board of Directors breached their fiduciary duties to Double-Take Software stockholders by failing to adequately shop the Company before entering into this transaction and whether Thoma Bravo is underpaying for Double-Take Software shares, thus unlawfully harming Double-Take Software stockholders," the law firm stated.

According to Thomson Reuters, Double-Take is expected to increase sales by 3 percent this year and 10.5 percent next year.

For more on the deal, see Vision Solutions to acquire Double-Take at InfoStor.com.

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