Tumbleweed Communications Corp (MM) (NASDAQ:TMWD)
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From Jun 2019 to Jun 2024
Following Tumbleweed shareholder and regulatory approvals,
Sopra Group (Euronext Paris: SOP) and Tumbleweed Communications Corp.
(Nasdaq: TMWD) today completed a merger in which Sopra Group, via its
subsidiary Axway, acquired Tumbleweed. Tumbleweed’s
operations will be combined with those of Axway. Together, Axway and
Tumbleweed will offer integrated collaborative business solutions to
more than 11,000 customers globally.
Pursuant to the merger agreement, each outstanding share of Tumbleweed
stock was converted into the right to receive $2.70 in cash.
Tumbleweed's common stock will cease to trade on the Nasdaq national
market at the close of business today and will be delisted.
This merger is in line with Axway’s and
Tumbleweed’s global development strategy. The
complementary geographic positioning of the two companies creates an
experienced provider capable of serving the needs of the largest
multinational corporations in the B2B, SOA, security and collaborative
services domains.
Sopra Group funded the transaction through its existing lines of credit.
Given the complementary nature of Axway’s and
Tumbleweed’s businesses, Sopra Group expects
to recognize synergies through both revenue growth and cost savings. In
2009, the combined entity of Axway and Tumbleweed expects to generate
revenue of approximately €230 million with an
operating margin between 12-15%. Sopra Group expects this transaction to
be accretive.
About Sopra Group
One of the leaders in the European consulting and IT services market,
Sopra Group generated revenue of 1 billion euros in 2007 and has a human
and intellectual resource potential of over 11,000 people. Thanks to a
longstanding culture of excellence and strong sector-specific,
functional and technological know-how, the Group offers its clients an
end to end approach based on a well-honed business model. Sopra Group’s
ambition is to allow its clients to focus on transformation projects
that will give them a competitive edge and help them drive growth. Sopra
Group’s savoir-faire encompasses prior
strategic reflection through to the supervision and implementation of
major systems integration and application outsourcing projects. The
Group also pursues the worldwide deployment of its activities in both
application integration and business process management through its
subsidiary Axway, one of the leading providers of Collaborative Business
Solutions, with a complete range of solutions and services. For more
information, please go to our website www.sopragroup.com.
About Axway
Axway is one of the leading global providers of collaborative business
solutions. Axway establishes the dynamic connections –
within and among enterprises – that make
companies easier to do business with. Spanning all industries, over 8400
organizations in more than 100 countries depend on Axway to manage and
control their business-critical information in motion –
improving value chain efficiency, regulatory compliance and quality of
service. Built on a service-oriented architecture (SOA), Axway’s
Synchrony™ solutions feature a highly
flexible integration and B2B framework, business and technical
analytics, and professional services. Axway also offers customized
solutions for the financial services, life sciences and automotive
industries. Many of Axway’s solutions are
available in a software-as-a-service (SaaS) model. A subsidiary of Sopra
Group, SA, Axway is headquartered in Scottsdale, Arizona.
About Tumbleweed
Tumbleweed Communications Corp.
(NASDAQ:TMWD), an industry leader in managed file transfer, email
security and identity validation, provides enterprise-class solutions to
organizations of all sizes. Tumbleweed’s
innovative products enable organizations to effectively manage and
protect business-critical Internet communications, with capabilities
that span secure file transfer, encryption, data loss prevention, and
email security. Tumbleweed has more than 3,300 customers worldwide,
including blue-chip companies across an array of industries such as
technology, retail, finance, healthcare, manufacturing, consumer
packaged goods, telecom, energy, and the U.S. Government. The world’s
most security conscious organizations rely upon Tumbleweed technology
including Bank of America Securities, JP Morgan Chase & Co., the U.S.
Food and Drug Administration, and the U.S. Department of Defense. Our
award-winning products build on 15 years of R&D and 29 security
patents in the U.S. alone – many of which
are licensed by other security vendors. More information can be found at www.tumbleweed.com.