Ardent to Acquire Prism Solutions
- By Scott Bekker
- November 19, 1998
Ardent Software Inc. (Westboro, Mass., www.ardentsoftware.com
) today announced the signing of a definitive agreement to acquire Prism Solutions Inc. (Sunnyvale, Calif., www.prismsolutions.com
The acquisition creates a company with data migration and warehouse offerings, large customer base, worldwide presence and partners, and experienced global sales and consulting organizations.
Prism Solutions shareholders will receive 0.13124 shares of Ardent Software common stock for each share of Prism Solutions common stock. Based on Ardent's closing price on November 18th, the total value of the transaction is approximately $42 million. The transaction is intended to be accounted for as a pooling of interests and is expected to close within 60 to 90 days. The transaction is subject to approval by Prism Solutions shareholders and satisfying other customary conditions.
Following closing of the acquisition, Prism Solutions will be integrated into Ardent's operations worldwide. The company expects to immediately provide interoperability between both companies' products, while developing a product roadmap that will ultimately result in a single, data warehouse product family. --Brian Ploskina, Assistant Editor
Scott Bekker is editor in chief of Redmond Channel Partner magazine.