The offer of 6 pence a share from US private equity firm Diversis Capital represents a 129% premium to the stock price directly before bid interest emerged.
The deal has been recommended by the ServicePower board and has the backing of directors and City investors speaking for around 46% of the shares. It requires 90% shareholder backing for the takeover to go through.
"We are excited about the acquisition of ServicePower and to partner with the current management team to build on a software suite which, in my opinion, already has very high marks in the industry,” said Diversis director Ron Nayot.
“Going forward, we plan to invest further in the development of all areas of the software suite to deliver the best possible experience for customers."