£ 1.2bn ‘top’ takeover bid accepted by board of directors of software developer Blue Prism

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A “superior” submitted by an American investment giant to take over a Warrington-based software developer, which values ​​the company at more than £ 1.2 billion, has been agreed.

Blue Prism Group, which also has a base in London, previously reached an agreement in late September with Vista Equity Partners.

Vista had already faced competition from TPG Capital which has already invested in Airbnb, Burger King and Spotify.

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However, Blue Prism has now withdrawn its recommendation for the original offering, which valued it at £ 1.1 billion, in favor of the new offering from SS&C Technologies.

According to its website, SS&C Technologies is the world’s largest hedge fund and private equity administrator, as well as the largest mutual fund transfer agency.

The new offering was first unveiled in November and has now been recommended by Blue Prism’s board of directors to its shareholders.

A statement by Blue Prism, published on the London Stock Exchange, said: “SS&C’s offer price of 1,275 pence per share in cash represents a total value of £ 1,243 million for the entire share capital. social issued and to be issued from Blue Prism.

“In evaluating the SS&C offer, the directors of Blue Prism have taken into account various aspects of the SS&C offer and consider that the SS&C offer represents a superior offer for the shareholders of Blue Prism compared to the offer. from Vista. “



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Jason Kingdon, President and CEO of Blue Prism, said: “Blue Prism was one of the early pioneers in building the RPA industry and is today a market leader, working with over 2,000 organizations in the world.

“While as a stand-alone company we have built an impressive company, the presented opportunity of combining Blue Prism with SS&C will give us access to significant capital resources and R&D investments as well as access to the 18 000 SS&C Extended Customers.

“The combination ensures that we remain at the forefront of the next generation of intelligent automation and can continue to provide innovative products and services. SS&C also recognizes the hard work of the Blue Prism team over the years and understands the value of the skills, experience and commitment of our employees.

“The process that Blue Prism’s board of directors has undertaken over the past five months has been extensive, and we believe this offering represents strong and immediate value for our shareholders and benefits our stakeholders at large. “

Bill Stone, SS&C President and CEO, added: “An essential part of SS&C’s value proposition is to drive efficiencies for our customers, and Blue Prism is another lever for our customers to gain efficiency. efficiency.

“Together with Chorus, SS&C’s intelligent automation system, Blue Prism will accelerate value creation through the automation of increasingly complex tasks.

“Blue Prism will also be able to be used internally across our business to further optimize our operating models in some of our core business functions and services, which will help deliver more value to our customers and shareholders. SS&C has a long history of high quality procurement. businesses and improve their revenue growth profile and cost structure.

“With SS&C’s management focus, a global sales force, a talented development organization and significant capital resources, Blue Prism can reach new heights with its intelligent digital workforce.

“The combination of Blue Prism’s market-leading RPA solutions and SS&C’s leadership position in the financial services and healthcare industries, we believe, will deliver significantly improved results. “


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