May 26, 2006
Enterprise software developer Hummingbird Ltd. said on Friday that it agreed to be purchased by holding company Symphony Technology Group in a deal valued at US$465 million.
The company reported a $4.9 million profit in its second quarter, driven by winning new customers and expanding deals with existing customers. Hummingbird competes with other ECM developers including Interwoven Inc., IBM Corp., EMC Corp. and FileNet Corp.
Provided the transaction is approved by shareholders and regulators, the acquisition is expected to close in July.
Symphony Technology Group owns several companies including Information Resources Inc. and Gers Inc.