Wednesday, April 22, 2015

Procera to be Acquired for $11.50/Share (Current Price $9.51)

Procera Networks announced that it has "signed a definitive agreement to be acquired by private funds managed by Francisco Partners Management, L.P., a leading global technology-focused private equity firm, in an all-cash transaction valued at approximately $240 million.

Under the terms of the definitive agreement, Francisco Partners will commence a tender offer no later than May 5, 2015 to acquire all outstanding shares of Procera’s common stock for $11.50 per share in cash. This represents a premium of approximately 21% over the closing price of Procera’s common stock on April 21, 2015, and a premium of approximately 32% over the unaffected closing price on January 22, 2015, the last day prior to an article reporting the potential sale of the company. Procera’s Board of Directors has unanimously approved the transaction"

Contract is here.
Procera also announced preliminary results for the first quarter ended March 31, 2015:

"Revenue for the first quarter of 2015 is expected to be in the range of $19.5 million to $20.5 million. The ratio of bookings to revenue for the first quarter was below one. The company expects the gross margin percentage to be approximately 60% and to incur a net operating loss on a GAAP and non-GAAP basis for the first quarter of 2015. The company is not revising its previously announced guidance for the full year".

See "Procera Networks to Be Acquired by Francisco Partners" - here.

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