AGC Partners Advises Proginet on its Sale to TIBCO
Transaction Details
America’s Growth Capital is pleased to announce that its client, Proginet, Inc., a leading provider of multi-platform MFT software solutions, has agreed to be sold to TIBCO Software, Inc. in a transaction valued at approximately $23 million. Under the terms of the agreement, Proginet stockholders will receive $1.15 in cash for each share of Proginet common stock they hold, a premium of 54% to the 90-day trading average of Proginet’s common stock. With the acquisition, TIBCO will become the only vendor with a full set of MFT solutions, including high-speed managed file transfer, file transfer acceleration, fibre-channel management, and e-mail attachment management. Proginet’s multi-platform software solutions will also enable TIBCO to govern collaborative systems and applications. The transaction is expected to close before the end of August, 2010. With a team led by Ben Howe, America’s Growth Capital acted as sole financial advisor to Proginet.
Testimonial
The AGC team exceeded expectations at every stage of this process. When Ben and his team were brought in, we needed an investment banker who could deliver clear and decisive market feedback in a very narrow time frame. Their poise under these constraints and close relationships with the key players in the MFT and broader technology community led to a competitive process and ultimately ensured that Proginet’s shareholders received maximum value and the best possible set of terms from TIBCO. We are thrilled with the result of the transaction, and I look forward to the opportunity to work with Ben and his team again.
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© In the U.S., America’s Growth Capital, LLC dba AGC Partners, member FINRA/SIPC. In Europe, America’s Growth Capital Europe, LLP (Appointed Representative Alternatives St. James, LLP which is authorized and regulated by the Financial Conduct Authority). America’s Growth Capital Europe, LLP is a Limited Liability Partnership incorporated in England and Wales (OC368580). Its registered address is 6th Floor, 9 Appold Street, London EC2A 2AP. The testimonials contained herein may not be representative of the experience of other customers or clients. Testimonials are no guarantee of future performance or success. Deals marked with an “*” are non-AGC deals.
