A leading provider of paperless solutions for board management and leadership communications, California-headquartered Boardvantage, has agreed to be acquired by Nasdaq for $200 million, following a definitive agreement between the two companies announced in an official press release earlier today. The acquisition is subject to customary approvals and is expected to close during the first half of 2016.
Boardvantage, as its name implies, aims to provide an advantage at the board level for companies to have a streamlined and electronic approach to managing the often complex paperwork and communications involved in senior management discussions, including presentations, and other materials that add to the administrative process. These solutions are offered through its MeetX staple offering, and will become integrated with Nasdaq’s Directors Desk offering, as part of the deal.
“This is an exciting day for Boardvantage,” said Joe Ruck, President and CEO, Boardvantage, commenting in the press release. He added: “As the global leader in financial technology solutions Nasdaq is a natural home for Boardvantage. Since our founding, we have focused on technology leadership for board and leadership communication. We are thrilled to be part of Nasdaq Corporate Solutions.”
FBS Receives Best Forex Broker Europe 2019 Award by The European MagazineGo to article >>
NASDAQ intends to fund the deal through a mixture of debt and cash, and doesn’t expect the acquisition to have a material impact on its financial leverage or capital return strategy, according to the update. The offering could help add to the exchanges listings service, as firms could use the solution to help improve related operational efficiencies with regard to internal management communications.
“Upon acquisition, Boardvantage will complement our focus on developing leading financial technology solutions and delivering the most intuitive, streamlined decision making and collaboration tools for boards, executives and enterprise management in the world,” said Stacie Swanstrom, Senior Vice President and Head of Corporate Solutions. “Our collaboration and productivity-oriented workflow products and services provide a foundation for our corporate solutions business. We are deeply focused on addressing the demands of boards and leadership teams for innovative tools that strengthen management, engagement and insight throughout their organizations,” she concluded.
Boardvantage lists some of its customers as including half of all Fortune 500 firms, including Facebook, UPS, Russel lnvestments, and LinkedIn, among other large names.