Bridgewater Systems sold to U.S. company
Published Friday, June 17, 2011 4:32PM EDT
Another Ottawa tech firm has been sold off.
This time it's Bridgewater Systems sold to Amdocs for $211 million, which is a 30 per cent premium over the stock market value.
Bridgewater is part of Terry Matthews' group of companies and it has long been rumored to be a takeover target because it is so successful.
One investor put on pressure to sell the company in hopes of increasing the stock value that has been pretty stagnant.
Shareholders still have to approve the deal but it's expected it will take place within 90 days.
"This transaction is in the best interest of our shareholders and has the full support of the Board of Directors, senior management and key shareholders. Furthermore, joining a large, international market leader in Amdocs would create new growth opportunities for Bridgewater," Matthews said in a statement.
There's no immediate word on what the short-term impact might be on staffing. Bridgewater provides the software that helps major cell phone carriers offer services and keep track of billing.
Amdocs is based in Missouri and has annual sales of about $3 billion.