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Cognos Inc [COGN
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]., a Canadian software and information technology services provider, said Wednesday it will acquire business analytics software provider Applix Inc. [APLX
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] for $339 million in cash.
The offer equates to $17.87 per share, a 24 percent premium to Tuesday's $14.37 closing price of shares of Westborough, Mass.-based Applix. The deal is valued at $306 million net of cash on hand at Applix.
"The analytics provider is a terrific acquisition for Cognos," said Rob Ashe, chief executive of Ottawa-based Cognos. "It broadens our solution coverage for finance."
Applix's software and technology will add enhanced capabilities for financial services and banking analytics to Cognos's product line, the company said.
The deal is expected to close during the fourth quarter.
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