Based on its closing price yesterday, Blue Bell, Pennsylvania-based Unisys said in a statement that the value of the transaction would be roughly $100 million on a fully diluted basis, or $6.60 per PulsePoint common share.
Headquartered in Carpinteria, California, PulsePoint develops messaging products, networks, and software that integrates voice, fax, and data. Its technology enables customers to access all their messages from a single mailbox using a variety of devices, such as conventional telephones, cellular, and PCs.
So-called universal messaging products are expected to grow in popularity in the coming year. Several small companies have announced products, and larger vendors, including Microsoft, have begun to take notice and are planning their own entries.
The acquisition will "significantly" expand Unisys's portfolio of messaging products from those in large telephony companies to those used by small and midsize and so-called "next-generation" services providers, the two companies said.
"By pairing the leading-edge PulsePoint technology with our comprehensive suite of information services, Unisys will be poised to take our repeatable messaging solutions in a new and exciting direction to address the needs of new-breed services providers who are revolutionizing the communications marketplace, " Unisys chief executive Lawrence Weinbach said in a statement.
Under the deal, based on yesterday's closing price of $37.43 per Unisys common share, PulsePoint shareholders would receive the maximum consideration of $6.60 or 0.176 shares of Unisys common stock for each PulsePoint common share. This would result in a total of approximately 2.4 million Unisys shares being issued in the merger, the companies said. In addition, all outstanding PulsePoint options and warrants will be converted into Unisys options and warrants.
The acquisition is expected to close in the third quarter of this year. The transaction is subject to approval by PulsePoint shareholders as well as regulatory approvals and customary closing conditions.