Micro Focus, NetManage combine in $73.3 million deal

By Lisa Kerner

Charlotte, N.C., June 18 - Micro Focus International plc completed its $73.3 million acquisition of NetManage, Inc. after NetManage shareholders approved the deal on Tuesday, a Micro Focus news release said.

On May 1, Micro Focus announced it would acquire NetManage for $7.20 per share.

"Combining the businesses of Micro Focus and NetManage will further strengthen Micro Focus's position as a leading player in the fast growing application modernization market and provide the enlarged group with further opportunities for growth through a more comprehensive and broader product offering," Micro Focus chief executive officer Stephen Kelly stated in the release.

Micro Focus, a Newbury, U.K.-based software company, conditioned the merger upon NetManage having a minimum cash balance immediately prior to closing of at least $25 million.

NetManage, a Cupertino, Calif., software company, had a cash balance immediately prior to closing of about $27 million.

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