May 26, 06
Enterprise software developer Hummingbird Ltd. said on Friday that it agreed to be purchased by holding company Symphony Technology Group in a deal valued at US$465 million.
The Toronto company develops enterprise content management (ECM) software that helps organizations manage documents, records, correspondence and contracts.
A third party, Tennenbaum Capital Partners LLC, will invest $135 million to help finance the transaction.
Hummingbird said the deal will generate immediate cash that will allow the company to continue to focus on its mission of offering ECM and connectivity products.