Onvia (NASDAQ: ONVI), the leading provider of sales intelligence and acceleration technologies for businesses selling to the public sector, today announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Project Diamond Intermediate Holdings Corp, the parent entity of Deltek, and Deltek, the leading global provider of enterprise software and information solutions for government contractors, professional services firms and other project-based businesses. Under the terms of the Merger Agreement, Project Diamond Intermediate Holdings Corp will acquire all of the outstanding shares of Onvia common stock for $9.00 per share in an all-cash tender offer. The purchase price represents a 100% premium to Onvia’s last closing stock price of $4.50. The value of the transaction, which was unanimously approved by Onvia’s Board of Directors, is approximately $70 million.
“We are extremely pleased with this transaction, which we believe is a winning proposition for all of our stakeholders,” said Van Skilling, Chairman of Onvia, and Russ Mann, CEO of Onvia. “The transaction represents a substantial cash premium to our stockholders and follows a robust process and comprehensive review of strategic alternatives undertaken by our Board of Directors earlier this year.”
“Further,” said Mann, “Deltek is a large and highly regarded firm in the enterprise software and solution space for project-based businesses, with complementary product and services offerings to Onvia’s. As part of Deltek, we intend to focus on innovating and expanding our data and product offerings, which will benefit our customers, employees and partners.”
The transaction will be completed through an all-cash tender offer. The Onvia Board of Directors unanimously recommends that Onvia stockholders tender their shares in the offer.
The transaction is conditioned upon satisfaction of the minimum tender condition, which requires that shares representing more than 50 percent of Onvia’s common shares be tendered and other customary closing conditions. The transaction is currently expected to close during the fourth quarter of 2017. Following the transaction, Onvia will become a privately held company and its common shares will no longer be listed on any public market.
GCA Advisors, LLC is acting as exclusive financial advisor to Onvia, and Perkins Coie LLP is serving as legal advisor to Onvia. Jones Day is serving as legal advisor to Deltek.
Onvia (NASDAQ: ONVI) is the leader in sales intelligence and acceleration for businesses selling to the public sector. Onvia provides enterprise, mid-market and small business customers with the most comprehensive set of federal, state and local government contracting leads. Clients grow their sales pipeline with access to bids, RFPs and future spending data, along with agency contacts, competitor information and market analytics – all backed by Onvia’s smart search technology, CRM integration and expert support. https://www.onvia.com
Deltek is the leading global provider of enterprise software and solutions for government contractors, professional services and other project-based businesses. For decades, we have delivered actionable insight that empowers our customers to unlock their business potential. 22,000 organizations and millions of users in over 80 countries around the world rely on Deltek to research and identify opportunities, win new business, recruit and develop talent, optimize resources, streamline operations and deliver more profitable projects. Deltek – Know more.