Solarsoft to Acquire Software Equity Group’s Client VantagePoint Systems
SAN DIEGO--Software Equity Group, LLC, a leading software industry investment bank, announced that its client, VantagePoint Systems, Inc. (TSX VENTURE:VPG) entered into an agreement with Solarsoft Business Systems, a Marlin Equity Partners' company, on November 29th pursuant to which Solarsoft will offer to purchase all of the issued and outstanding common shares of VantagePoint at a price of $0.70 USD per share. The Offer represents a premium of 77% over the closing price of the Common Shares on the TSX Venture Exchange on November 28, 2007.
The Offer has the unanimous support of the Special Committee of the Board of Directors of VantagePoint, to which the Board delegated all of its powers in connection with consideration of the Offer. The Committee has unanimously determined that the Offer is fair, from a financial point of view, to VantagePoint's shareholders, is in the best interests of VantagePoint and its shareholders, and unanimously recommends that shareholders accept the Offer.
James Hennings, who owns 4,696,761 common shares representing 32.5% percent of the issued and outstanding VantagePoint common shares on a fully diluted basis, has agreed to tender his VantagePoint shares to the Offer pursuant to a lock up agreement signed in conjunction with the Support Agreement.
"We are very excited about this opportunity to become a part of Solarsoft's continued success in strengthening its leadership in the ERP marketplace. As a division of Solarsoft, we will continue our commitment to deliver advanced business software solutions and services to our customers, and to the packaging manufacturing industry worldwide. We look forward to becoming a stronger company through access to the financial and strategic resources of Solarsoft, which will greatly benefit all our current and future customers," comments James Hennings, President & CEO of VantagePoint.
About Software Equity Group
SEG is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, SEG provides both sell-side and buy-side representation to privately-held companies, U.S. and foreign public companies, and several of the world's leading private equity firms. The firm's quarterly Software Industry Equity Reports are read by some 15,000 software industry executives, entrepreneurs and equity investors. For more, visit www.softwareequity.com.
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