Insightful, a Seattle-based data-mining software provider, will be bought by Silicon Valley's Tibco for $25 million, the companies announced...
Insightful, a Seattle-based data-mining software provider, will be bought by Silicon Valley’s Tibco for $25 million, the companies announced Thursday.
Insightful shareholders will get $1.87 a share in cash, 2 cents below Wednesday’s closing price. In the past year, the stock’s price has ranged from 72 cents to $2.56.
Tibco provides infrastructure and data software to 3,000 customers worldwide, with 2007 sales of $577 million.
Insightful supplies statistical-analysis software to a range of industries. Local users include Amazon.com, the University of Washington, Weyerhaeuser and Boeing.
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Last year, Insightful lost $1.67 million, or 13 cents a share, on sales of $22.32 million.
The company has just over 100 employees worldwide. In a message to employees and filed with regulators, Insightful CEO Jeff Coombs said Tibco “values highly” the expertise of the company’s staff, but added, “All determinations regarding employment have not yet been finalized.”
The deal requires approval by Insightful shareholders. The company said investors representing 22 percent of the total have already agreed to support the sale, which is expected to close next quarter.
Tibco officials said Insightful’s products would boost its offerings in analytical software, which compete with Microsoft’s Dynamics software bundle for businesses.
Insightful officials did not return calls seeking comment.
After the acquisition news, announced before the market opened, Tibco’s stock inched up 1.2 percent and Insightful shares slid 4.8 percent.
Isaac Arnsdorf: 206-464-2397 or email@example.com