Tibco to acquire Proginet for $23m

Stockholders to profit from deal

Tibco Software has entered into a definitive agreement to acquire Proginet, a provider of managed file transfer offerings, in a transaction valued at approximately $23m.

Proginet offers universal, multi-platform software offerings for file transfers both inside and outside the enterprise. Its products include, CyberFusion Integration Suite (CFI), Slingshot, AnyFileNow and RocketStream.

Under the terms of the agreement, Proginet stockholders will receive $1.15 in cash for each share of Proginet common stock they hold, representing a premium of approximately 22% to the closing price of Proginet's common stock on the last trading day before the signing of the merger agreement.