Crosspoint signs deal to buy Absolute Software for US$657-million

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Absolute Software Corp. ABST-T has signed a deal to be acquired by Crosspoint Capital Partners for US$657-million.

Under the agreement, shareholders of the Vancouver-based security software company will receive US$11.50 per share in cash.

Absolute shares were up US$2.79 at US$11.37 in trading on the Nasdaq market.

Including debt, the enterprise value of the deal was US$870-million.

The acquisition, which is expected to close in the second half of the year, is subject to shareholder, court and regulatory approvals as well as other customary closing conditions.

Absolute announced last month it was cutting about 40 jobs or about five per cent of its work force as part of a restructuring plan to reduce its operating expenses.