A ‘superior’ submitted by a US investment giant to take over a Warrington-based software developer, which values the business at more than £1.2billion, has been agreed.
Blue Prism Group, also based in London, had previously reached an agreement with Vista Equity Partners at the end of September.
Vista had already seen competition from TPG Capital which has previously invested in Airbnb, Burger King and Spotify.
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However, Blue Prism has now withdrawn its recommendation for the initial offer, which valued it at £1.1 billion, in favor of SS&C Technologies’ new offer.
According to its website, SS&C Technologies is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agency.
The new offer was first revealed in November and has now been recommended by Blue Prism’s board of directors to its shareholders.
A statement from Blue Prism, published on the London Stock Exchange, said: “The SS&C offer price of 1,275 pence per share in cash represents a total value of £1,243 million for the entire share capital. issued and to be issued from Blue Prism.
“In evaluating the SS&C offer, the directors of Blue Prism have considered various aspects of the SS&C offer and consider that the SS&C offer represents a superior offer for Blue Prism shareholders compared to the Vista offer.
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Jason Kingdon, President and CEO of Blue Prism, said, “Blue Prism was an early pioneer in building the RPA industry and today is a market leader, working with more than 2,000 organizations worldwide. world.
“Although as a stand-alone company we have built an impressive business, the opportunity of combining Blue Prism with SS&C will give us access to significant capital resources and R&D investments, as well as access to SS&C’s 18,000 customers.
“The combination ensures that we remain at the forefront of the next generation of intelligent automation and can continue to deliver innovative products and services. SS&C also recognizes the hard work of the Blue Prism team over the years and understands the value of the skills, experience and commitment of our employees.
“The process that Blue Prism’s Board of Directors has undertaken over the past five months has been thorough, and we believe this offering represents strong and immediate value for our shareholders and benefits our broader stakeholders.”
Bill Stone, Chairman and CEO of SS&C, added, “A critical part of SS&C’s value proposition is to drive efficiencies for our customers, and Blue Prism is another lever for our customers to achieve these efficiencies.
“In conjunction with Chorus, SS&C’s intelligent automation system, Blue Prism will accelerate value creation through the automation of increasingly complex tasks.
“Blue Prism will also be able to be used internally across our business to further optimize our operating models in some of our core services and business functions that will help deliver more value to our customers and shareholders. SS&C has a long history of acquiring high quality products from businesses and improving their revenue growth profile and cost structure.
“With SS&C’s management focus, global sales force, talented development organization and significant capital resources, Blue Prism can reach new heights through its smart digital workforce.
“We believe the combination of Blue Prism’s market-leading RPA solutions and SS&C’s leadership position in the financial services and healthcare industries will produce significantly improved results.