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Daily Digest: May 29, 2009
 
Compliance

EMC Announces Acquisition of Configuresoft, Leading Provider of Server Configuration, Change and Compliance Management Software
Empowers Customers to Automate Visibility and Control Across their Physical and Virtual Data Centers
Comment on EMC here

Survey of Spam Control Products, and Survey of Archiving Products -- See what others think of these products/services. If you add your own data, we will send you a summary of the findings.
ArcMail Listed in Leading Analyst Firm's Report on Email Archiving Appliance Vendors in Small and Midsize Business Sector
Turnkey Solution Offers Increased Employee Productivity Through Best Practices
Messaging & Collaboration

Saunalahti brings Nokia Messaging mobile email service to subscribers in Finland  

Google introduces 'Google Wave' messaging  
Comment on Google here
Time Warner Inc. Announces Plan to Separate AOL  
AXIGEN Mobile Email, Now on BlackBerry Smart Phones  
Mailshell OEM Partners Earn Kudos, Grab Honors, Versus Competitors  
Blog Item(s)

Open Text to Buy Vignette for $310M

On May 6, 2009, enterprise content management vendor Open Text announced it would acquire Web content management company Vignette. Open Text is a leading provider of enterprise content management and communication services. Vignette provides Web content management and portal software.

Transaction Detail:

  • Cash plus stock deal valued at $310M at May 5, 2009.
  • Net of Vignette's cash/near cash of around $140M; this represents a price/trailing 12-month revenue ratio of just under 1.1.
  • Per share, Vignette stockholders will receive $8 in cash and Open Text stock worth $4.70 at the time of the announcement and $4.48 today, so valuing each Vignette share at around $12.50-12.70.
  • The price is near to the 12 months' Vignette stock high of $13.08 (August 2008) and compares to the low of $5.70 (March 2009) and a price of $9.02 on May 5.

Recent Trading Performance:

  • Open Text is a very successful, cash-generative, company:
    • At March 31, 2009, it had $237M in cash and operations generated $73M cash in the March quarter alone.
    • Fiscal 2008 (June) revenues were $725M, up 22% on 2007 and net income was $53M, almost 150% up on the previous year.
    • In the quarter to March 31, 2009, revenues of $192M were up 8% on 2008, and net income was $22M (2008 $7M). Net income for the 9 months to March 31 was $37M (2007 $26M).
  • Vignette has moved from significant profit in 2007 to a loss in 2008, as a consequence of reduced revenues:
    • At March 31 the company had cash/near cash of $143M.
    • Vignette revenues for the year ended December 31, 2008, were down by 12%, to $170M, totally as a result of lower license income. A net loss of $6M was incurred, compared to a profit of $22M in 2007.
    • In the quarter to March 31, 2009, revenues of $34M were down $11M on 2008; license revenues fell $3M and service revenues were $8M lower. The net loss for the quarter was $1.8M (2008 $0.8M).

... David Ferris and Mike Stackpoole

(Comments?)


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