Tuesday, June 18, 2024
Copperleaf Technologies Inc. is a software company that delivers enterprise decision analytics solutions tailored for organizations managing critical infrastructure. On June 11th, 2024, Copperleaf announced that it had entered into a definitive agreement to be acquired by Industrial and Financial Systems (IFS). IFS highlighted that “the combination of Copperleaf and IFS is highly complimentary, offering organizations an unparalleled breadth and depth of software capabilities,” enhancing their ability to provide customers with software that drives efficiency and increases effectiveness in their operations.
Copperleaf shareholders will receive $12.00 per share in cash, which is an 18% premium over the closing price on June 10, 2024, and a 66% premium over the 90-day volume-weighted average trading price as of that date. This offer also represents a 70% premium over the closing price on May 3, 2024, the last trading day before IFS submitted its non-binding acquisition proposal. The deal is valued at approximately $1 Billion CAD.
In response to the acquisition, Mark Moffatt, CEO of IFS, highlighted that he is “deeply excited about what Copperleaf brings to our extended customer offering.” This excitement is echoed by Paul Sakrzewski, CEO of Copperleaf, who emphasized that “our next phase of growth as part of IFS will enable us to accelerate even faster and offer customers even greater capabilities…” The acquisition is expected to close in the third quarter of 2024, at which time Copperleaf shares will be delisted from the TSX.
Author: Tyler Green, 2024 Summer Law Student