Waterloo, Ontario-based Open Text is buying its Canadian rival for $489m after a brief bidding war with private equity firm Symphony Technology Group earlier this year.
The price is worth $27.85 per Hummingbird share. Open Text expects the deal to close in October.
Open Text has grown into a leading enterprise content management software player through a string of relentless acquisitions over the past decade. But Toronto-based Hummingbird will be its largest ever buy to date.
Ironically, in buying Hummingbird, Open Text seems to have put itself in the spotlight as a possible acquisition target by Hewlett-Packard Co, SAP AG or Microsoft Corp.
