SumTotal has announced that it has entered into a definitive merger agreement with affiliates of Accel-KKR, a technology-focused private equity firm, in a transaction valued at approximately $124 million.
The transaction is subject to customary closing conditions, including the approval of SumTotal’s stockholders. There is no financing condition to the transaction.
The agreement contains a provision under which SumTotal may solicit alternative proposals from third parties during the next 30 calendar days.
For further details see the joint press releases:
http://www.sumtotalsystems.com/press/index.html/2009/04/24/1
http://www.accel-kkr.com/pdf/FINAL%20Announcement%20Release.pdf
