ScanSoft Inc. yesterday announced a definitive agreement to acquire Caere Corp. in a deal valued at over US$140 million. By joining forces, the two companies aim to create what they billed as a world-class digital imaging software company.
Under the terms of the agreement, which has been approved by the boards of both companies, Caere's shareholders will receive $4 in cash and $7.75 in ScanSoft common stock for each share of Caere common stock, the companies said in a joint statement. The transaction is expected to be completed by the end of April, pending shareholder approval.
The two companies have long-standing relationships with manufacturers of scanners, digital cameras and other imaging products, which bundle ScanSoft and Caere's software with their devices, the companies said.
The combined company will retain the ScanSoft name, and will be based in Peabody, Massachusetts, ScanSoft and Caere said.
ScanSoft, in Peabody, Massachusetts, can be contacted at +1-978-977-2000, or at http://www.scansoft.com/. Caere, in Los Gatos, California, can be contacted at +1-408-395-7000, or at http://www.caere.com/.