MOUNTAIN VIEW, Calif., Apr 06, 2009 (BUSINESS WIRE) -- SumTotal(R) Systems, Inc. (NASDAQ: SUMT), the market leader and a global provider of talent development solutions, today acknowledged that it has received a proposal from Vista Equity Partners to acquire the Company for $3.25 per share in cash.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, SumTotal's Board of Directors is reviewing the proposal, and, in due course, will inform SumTotal's stockholders of its position. The Company advises stockholders not to take any action at this time and to await the Board's recommendation.
With respect to Vista's stated intention to nominate three directors for election to SumTotal's Board at the Company's 2009 Annual Meeting of Stockholders, once a notice of nomination is received, SumTotal will review it and mail to SumTotal stockholders of record the Company's definitive proxy materials, which will include, among other things, the Board's recommendation for the election of directors at the Annual Meeting.
RBC Capital Markets is acting as financial advisor to SumTotal and Wilson Sonsini Goodrich & Rosati is acting as legal counsel.
ABOUT SUMTOTAL SYSTEMS, INC.
SumTotal Systems, Inc. (NASDAQ: SUMT) is the market leader and global provider of talent development solutions. SumTotal deploys mission-critical solutions designed to drive learning, align goals, develop skills, assess performance, plan for succession and set compensation. SumTotal's solutions aim to accelerate performance and profits for more than 1,500 companies and governments of all sizes, including six of the world's 10 biggest pharmaceutical makers, six of the 10 largest automotive companies in the world, four of the five branches of the U.S. Armed Forces, three of the world's top five airlines, five of the six largest U.S. commercial banks and two of the world's top five specialty retailers. Mountain View, Calif.-based SumTotal has offices across Asia, Australia, Europe and North America. For more information about SumTotal's products and services, visit www.sumtotalsystems.com.
SumTotal and the SumTotal logo are registered trademarks or trademarks of SumTotal Systems, Inc. and/or its affiliates in the United States and/or other countries. Other names may be trademarks of their respective owners.
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