US private equity fund Francisco Partners has acquired Israeli automated mobile workforce management and optimization solutions provider ClickSoftware Technologies Ltd. (Nasdaq: CKSW) for $438 million. ClickSoftware will delist from Nasdaq when the deal is completed in July and become a private company.
Under the terms of the agreement, Francisco Partners will acquire all of ClickSoftware’s outstanding ordinary shares for $12.65 per share in cash. This represents a 45% premium on the average closing price of the shares on Nasdaq over the previous 90 days. ClickSoftware’s board unanimously approved the merger agreement and recommends that ClickSoftware’s shareholders approve the agreement.
Headquartered in Petah Tikva, ClickSoftware has 740 employees. ClickSoftware founder and CEO Dr. Moshe BenBassat and Idit BenBassat own 13%, George Soros investment fund has a 10% stake, and FMR a 9% stake.
BenBassat said, “After a comprehensive evaluation and review of strategic alternatives designed to enhance shareholder value, we are confident this agreement represents a favorable outcome for our shareholders, providing them with immediate, substantial cash value. Furthermore, we are excited to partner with Francisco Partners, a firm with an established track record of working with companies transitioning to Cloud and with companies in relevant verticals to ClickSoftware. The added flexibility we will have as a private company, combined with the benefit of FP’s knowledge and domain expertise, will allow us to more effectively focus on our long-term investment and growth objectives, which will benefit our employees, customers and partners.”
Francisco Partners partner Matt Spetzler said, “ClickSoftware is a leader in the mobile workforce management space, and we look forward to combining our expertise with its talented team of professionals to further enhance its cloud solutions, grow its customer pipeline and further advance its strategic goals.”
Jefferies LLC is acting as exclusive financial advisor to ClickSoftware, Amit, Pollak, Matalon & Co. is acting as legal counsel, and Sullivan & Worcester LLP is acting as US counsel.
Barclays Capital Inc. is acting as exclusive financial advisor and Meitar Liquornik Geva Leshem Tal is serving as legal counsel to Francisco Partners.