20-20 Technologies Inc. announced that it has entered into a definitive arrangement agreement to be acquired by an affiliate controlled by Vector Capital Corporation, global private equity firm specializing in the technology sector.
As part of the agreement, Vector has agreed to acquire all of the issued and outstanding shares of the Corporation for consideration of $4.00 in cash per share, representing total equity value, on a fully diluted basis, of approximately $77 million. The $4.00 per share consideration represents a 28% premium over the closing share price of $3.12 on April 3, 2012, the last trading day before the strategic review process was publicly announced, and a 33% premium over the average closing share price for the 90 days prior to April 3, 2012.
Jean-François Grou, Chief Executive Officer of 20-20 Technologies, said: “Much has been done in the last 25 years to build 20-20 Technologies into what is now the world’s leading provider of computer-aided design, business and manufacturing software tailored for the interior design and furniture industries. We are pleased to be partnering with Vector to leverage their global capabilities, industry knowledge, and financial resources to further our shared long-term vision for the Corporation and benefit our customers.”