ClickSoftware Agrees To Be Acquired By Francisco Partners For $438 Mln, Stock Up

(RTTNews) - ClickSoftware Technologies Ltd. (CKSW), a provider of automated mobile workforce management and optimization solutions for the service industry, said it has signed a definitive agreement to be acquired by private funds managed by Francisco Partners Management L.P. in an all-cash transaction valued at around $438 million.

Francisco Partners, a technology-focused private equity firm, will acquire all of ClickSoftware's outstanding ordinary shares for $12.65 per share in cash.

This represents a premium of around 45 percent over the average closing price of the company's shares on the Nasdaq Global Select Market during the previous 90 calendar days.

The Board of Directors of ClickSoftware unanimously approved the merger agreement and recommended that ClickSoftware's shareholders approve it.

Further, ClickSoftware announced preliminary results for the first quarter ended March 31. Revenue is expected to be in the range of $26 million to $27 million. Analysts expect revenues of $33.33 million.

The company expects to incur a net operating loss on a GAAP and non-GAAP basis for the first quarter of 2015.

CKSW closed up 3.5 percent on Wednesday at $9.82, and surged 28.2 percent in pre-market activity.