S.F.-Based Vista Equity Sweetens Offer for SumTotal Systems

San Francisco -- Vista Equity Partners, a San Francisco-based private equity firm, said on Monday that it has sweetened its offer for Mountain View-based SumTotal Systems to $4.50 a share in cash. The deal, which values the developer of talent and learning management software at $146 million, is significantly higher that Vista's original offer in April, which valued SumTotal at $103 million, as well as a subsequent $124 million offer from Accel-KKR. "We believe that the terms of our proposal present a superior alternative for the Company's stockholders and trust that the SumTotal board of directors will agree," said Robert Smith, managing principal of Vista Equity Partners. Vista already is the company's largest shareholder, with a 13% stake.
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http://www.sumtotalsystems.com/press/index.html/2009/05/06/1
http://finance.yahoo.com/news/Vista-Equity-Partners-prnews-15198246.html?.v=1