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Micro Focus buys Intersolv

The development tool maker is acquiring the data access technology company in a deal worth $534 million.

Development tool maker Micro Focus said today that it is acquiring data access technology maker Intersolv in a deal worth $534 million.

The combined company will have revenues of $375 million, over 1,900 employees, and $125 million in cash, according to Micro Focus. Corporate headquarters will be based in Mountain View, California, in Micro Focus's present location. The company also maintains a Berkshire, England operation.

Under the terms of the deal, each common share of Intersolv will be exchanged for 0.55 Micro Focus American depository shares.

The combined company, which may be renamed, will be headed by Micro Focus CEO Martin Waters.

Intersolv CEO Gary Greenfield and chairman Kevin Burns will join the combined company's board of directors, an Intersolv representative said. Most of the company's senior management is expected to join the new company.

No layoffs are planned as a result of the merger, the representative said, adding that there will be "minor overlap" in several staffing positions.

The transaction is expected to close within 90 days.