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June 30, 2010

Unify & Daegis Merging

Unify, a data management and migration software vendor, and Daegis  an e-discovery and litigation support consultancy, are in the process of merging. The new entity, yet to be named, will focus on data archiving, information governance, and EDD, they say.

Under the accord, Unify will pay $38 million in a combination of cash, seller financing, and stock. So far, Unify has paid $24 million in cash, delivered $6.2 million in convertible promissory notes, and issued approximately 2.1 million shares of its common stock to Daegis shareholders.

For the year ended April 30, 2010, Daegis generated about $23 million in revenue and $6.5 million in adjusted EBITDA, they say.  Assuming conversion of notes, Daegis shareholders will own approximately 27% of the outstanding common stock of Unify after the transaction, they explain.

Unify CEO Todd Wille will serve as its CEO of the combined company;  Daegis CEO Kurt Jensen, as executive vice president and COO. The new company is expected to employee 230 people.

St. Charles Capital originated and advised on the transaction and debt financing. K&L Gates served as legal advisors for Unify. Farella Braun + Martel served as legal advisors for Daegis.

Release here.


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