Bridgewater Systems, which is backed by VenGrowth Asset Management, has agreed to be sold to Amdocs Ltd. Amdocs is paying C$8.20 a share cash, valuing Bridgewater at C$211million. Amdocs had previously announced the acquisition earlier this month.
Bridgewater Systems (TSX:BWC), (“Bridgewater”) the global leader in intelligent broadband controls, announced Friday that it has entered into a definitive agreement to be acquired by Amdocs Limited (NYSE:DOX) through a plan of arrangement for C$8.20 per share in cash (the “Arrangement”), valuing the Company at approximately C$211 million. The VenGrowth II Investment Fund Inc. (“VenGrowth II”) and VenGrowth III Investment Fund Inc. (“VenGrowth III”, together, the “VenGrowth Funds”) are investors in Bridgewater Systems. The VenGrowth Funds have entered into support agreements and have agreed to vote in favour of the Arrangement. The sale is subject to Bridgewater shareholder approval, regulatory approval and other closing conditions and is expected to close within approximately 90 days.
For VenGrowth II the sale represents approximately 7.5% of net asset value and for VenGrowth III the sale represents approximately 19.3% of net asset value. Bridgewater has traded on the Toronto Stock Exchange since 2007. VenGrowth, through its retail venture capital funds has been an early investor in Bridgewater, with the first investment dating back to 1999.
Bridgewater has also announced that directors, senior officers and institutional shareholders of Bridgewater (including the VenGrowth Funds), representing a total of 40.2% of the issued and outstanding common shares of Bridgewater, have executed support agreements.
About Bridgewater Systems
Bridgewater Systems, the leader in intelligent broadband controls, provides pre-integrated solutions for mobile and converged operators to transform their networks, optimize mobile data growth, and innovate with new services. The Bridgewater portfolio of carrier-grade products includes Service Controller (AAA), Policy Controller (PCRF) and Home Subscriber Server (HSS), anchored by a common identity and device management system. More than 150 leading service providers worldwide leverage Bridgewater to create and deliver profitable services to consumer, enterprise, cloud and machine markets. For more information, visit www.bridgewatersystems.com.
About VenGrowth Asset Management Inc.
A premier Canadian private equity investment group, VenGrowth Asset Management builds innovative companies into global successes. Since 1982, we have invested over $1.3 billion in more than 200 North American companies, working alongside business owners to maximize potential. For more information, visit www.vengrowth.com.