ZIXI - Zix confirms sale of business at $860M valuation

Zix (NASDAQ:ZIXI) has signed a definitive agreement to be acquired by OpenText, a provider of information management solutions, at an enterprise value of $860M. Under the terms of the agreement, OpenText's subsidiary will commence a tender offer for all outstanding shares of Zix common stock at a price of $8.50 per share in cash, representing a premium of 16% at average of 20 days price prior to October 18, 2021, when news reports appeared regarding a potential transaction. It follows the company's third quarter earnings results where Zix has beaten market consensus on both lines with 18% growth in recurring revenue. However, the earnings conference call has been cancelled due to this transaction and the company has also decided not to provide any business outlook for the fourth quarter of 2021. "Over the past several years, Zix has expanded its product portfolio and customer base through acquisitions and organic initiatives. We are thrilled to

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Zix confirms sale of business at $860M valuation