Workforce management software firm Workbrain Corp. agreed Monday to be acquired by Infor Global Solutions European Finance, S.A.R.L. in a deal worth $227 million.
Infor will pay $12.50 per share in cash for Toronto-based Workbrain.
Shares of Workbrain rose $1.97, or more than 19 per cent, to hit $12.25 on the TSX.
The acquisition has been unanimously approved by Workbrain's board of directors, which recommended that shareholders vote in favour of the deal.
"Joining Infor will accelerate our current momentum by providing us access to Infor's 70,000 customers and extensive global distribution network. We believe that all of our stakeholders will benefit from this combination," said David Ossip, CEO of Workbrain.
Infor is the world's largest private software company and third largest business software provider
Workbrain's CEO, David Ossip, and Alon Ossip, a director with the company, have already agreed to sell their 22 per cent stake to Infor.
The transaction is expected to close in June of 2007.
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