Sopheon PLC (AIM:SPE) almost doubled in value as directors accepted a bid approach from US firm Wellspring worth £10 per share in cash.
Controlled by Resurgens Technology, Wellspring specialises in software for managing technology transfer, intellectual property and innovation activities, primarily for the academic, government and corporate markets.
Based in Chicago, Wellspring works with more than 500 organisations worldwide.
The offer values Sopheon at £114 million and has received irrevocable undertakings from Barry Mence and Rivomore representing 37.3% of the total voting rights.
Sopheon’s board reiterated that longer term it is confident about its prospects but the current US government budget uncertainty might cause delays in closing certain military transactions in its pipeline.
Wellspring and Sopheon are also complementary from a product and service offering standpoint, said the statement, and also in the customer base, with the UK firm more focused on large corporates.
Shares in Sopheon jumped 88% to 920p.