CorVu Corp. said Monday that that it will be acquired by Rocket Software in a deal worth about $20 million.
Newton, Mass.-based Rocket Software, Inc. will acquire Edina-based CorVu in a cash transaction, under which CorVu stockholders will receive 40 cents in cash for each share of common stock they hold. That's about $19.8 million, based on the 49.5 million shares outstanding of Corvu.
The price gives roughly a 43 percent premium over CorVu's closing share price of 28 cents on Friday.
In a press release, the company said the transaction is expected to close within 60 to 90 days, pending approval of stockholders.
CorVu makes software that enables clients to identify business trends and measure performance. It had annuals sales of $15.4 million in 2006.
Founded in 1990, Rocket Software Inc. develops network management and security software for a variety of industries, including telecommunications, finance, retail, and agriculture. The company currently has 217 employees, and had annual sales of $17.1M in 2005.
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