Canada’s Open Text has agreed to buy cloud security company Carbonite for nearly $800 million in cash.
Open Text, a business information management software company, will pay $23.00 per share to Carbonite shareholders.
Open Text said the deal represents nearly 78 percent premium to Carbonite’s closing price on Sept. 5, the last trading day before a media report about the sale process.
The deal will complement Open Text’s security offerings in data-loss prevention and digital forensics, the company said.
The acquisition, valued at about $1.42 billion including debt, is expected to close within 90 days.