NCR To Acquire 4Front Technologies
DAYTON, Ohio (AP) _ NCR Corp. has agreed to acquire 4Front Technologies Inc. for about $250 million in a cash deal that combines two computer services companies.
The London-based 4Front Technologies provides information-technology services primarily in Europe, including maintaining computer hardware and offering help-desk support.
The company, with $252.9 million in revenue in 1999, employs 2,000 workers and has offices in the United Kingdom, France, Germany, the Netherlands, Italy, Belgium, Sweden, Japan and the United States.
Under the agreement, NCR will pay each 4Front Technologies stockholder $18.50 per share in cash, a 35 percent premium over 4Front’s closing stock price Tuesday on the Nasdaq Stock Market. 4Front’s stock surged $4.09, or 30 percent, to $17.84 early Thursday.
The Dayton-based NCR, which had $6.2 billion in revenue last year, provides computer services and makes checkout scanners for retailers and automated teller machines. Its stock traded at $34.813, down 18.8 cents, on the New York Stock Exchange early Thursday.
``The combination brings together best-in-class people, experience and service capabilities, allowing us to better satisfy the complex needs of our global customers around the clock,″ said NCR chairman Lars Nyberg.
Anil Doshi, chairman of 4Front Technologies, said the success of his company is based on its focus on customers in multiple countries and that the NCR deal will allow 4Front to address its customers’ future needs.
The deal is expected to be completed in the fall.