Carbonite CARB shares are trading sharply higher after the company announced it would be acquired by OpenText OTEX for $23 per share in cash, the total purchase price is $1.42 billion.
Carbonite is a provider of cloud-based subscription data protection, backup, disaster recovery and end-point security to small and medium-sized businesses and consumers.
"Cloud platforms and secured, smart end-points are essential information management technologies as businesses transform into Industry 4.0," OpenText CEO Mark Barrenechea said in a statement. "This acquisition will further strengthen OpenText as a leader in cloud platforms, complete end-point security and protection, and will open a new route to connect with customers, through Carbonite's marquee SMB/prosumer channel and products."
Carbonite shares were trading up 24.73% at $22.95 in Monday’s pre-market session. The stock has a 52-week high of $30.41 and a 52-week low of $11.86.
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