SumTotal to buy MindSolve
SumTotal Systems, a talent and learning technology solutions provider, has announced it has acquired MindSolve Technologies Inc., a privately held provider of performance management software.
The Chief Executive Officer of SumTotal, Mr Don Fowler, in a statement said, "by developing and selling solutions for each segment of talent management, we believe we will address customers’ demands, grow our business and shape the market’s vision for these products."
MindSolve will add a quarterly revenue run-rate of between $1.5 million and $2 million and generate positive cash flow from operations.
Under the terms of the transaction, MindSolve shareholders will receive approximately $5.2 million in cash along with 9,25,000 shares of SumTotal.
The company will incur additional cash obligations due to deal-related and retention expenses of approximately $1.5 million.
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