Software group Micro Focus to sell portfolio for $375m, causing shares to climb
Micro Focus International announced today that it will be selling its archiving and risk management portfolio to Smarsh for $375m.
The UK software group said completion of the transaction is expected to take place in the first quarter of next year.
The London-listed company said the portfolio business includes Digital Safe products and the complementary offerings of social-media governance and eDiscovery.
“Archiving and risk management is changing rapidly and becoming an increasingly specialised area. We believe that by combining the Digital Safe business with Smarsh, a leading innovator in this area, our Digital Safe customers and employees will see significant benefits and be better served for the long term,” chief executive Stephen Murdoch commented.
Micro Focus is up 8 per cent at 390.90p this afternoon.