Thursday, January 17, 2008
Manatron, Inc. the nation’s leading provider of integrated, enterprise-level property tax solutions for state and local governments, announced that it has entered into a definitive agreement to be acquired by an affiliate of Thoma Cressey Bravo (“TCB”), a leading private equity investment firm in a transaction valued at approximately $66 million. Under the terms of the agreement, the shareholders of Manatron, Inc. will receive $12.00 in cash in exchange for each share of stock.
“Our Board of Directors has unanimously approved the merger agreement and is recommending that all Manatron shareholders vote in favor of this transaction,” said Paul R. Sylvester, Manatron’s Co-Chairman and Chief Executive Officer. “We have been reviewing our strategic alternatives for the past year and believe that the opportunity presented by TCB was in the best interests of our clients, our employees and our shareholders. For our shareholders, the purchase price represents a 38% premium over the closing price on January 11, 2008, as well as a valuation that we felt was very fair based on current industry standards. For our clients and employees, this transaction provides the opportunity for Manatron to continue its journey of being the nation’s leading provider of property tax solutions.”
Scott Crabill, Partner of TCB, said, “Manatron represents an exciting platform investment opportunity for our firm. We look forward to working with the Company’s management team to enhance and extend its track record as a leading property tax software vendor and deliver increased value for Manatron’s customers.” Holden Spaht, Principal with TCB, added, “It is our intention to continue to invest in Manatron’s GRM® suite of software and grow the company through strategic acquisitions. We plan to aggressively pursue Manatron’s mission of building a national company that will be the clear leader in this market.”
The transaction is expected to close during Manatron, Inc.’s fiscal fourth quarter, which ends on April 30, 2008, subject to customary conditions, including regulatory approvals and approval by Manatron shareholders. The completion of the transaction is not subject to any financing contingency. Upon closing, Manatron, Inc. will no longer be publicly traded, but will be privately held by an affiliate of Thoma Cressey Bravo.
Press Release - Manatron
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