Constellation Software Inc. CSU-T has signed a deal to buy NexJ Systems Inc. NXJ-T, a customer management software company for the financial services industry, for about $12-million.
Under the deal, Constellation subsidiary N. Harris Computer Corp. will pay 55 cents a share for the company.
NexJ shares closed at 38 cents on the Toronto Stock Exchange on Friday.
Directors, executive officers and other shareholders of NexJ, who hold 43.8-per-cent stake in the company, have signed voting support agreements in favour of the deal.
The agreement requires approval by a two-thirds majority vote by shareholders as well as a simple majority of votes, excluding those cast by NexJ chief executive Paul O’Donnell and NexJ chief operating officer Richard Broley.
The transaction, which is also subject to court and other approvals, is expected to close in the fourth quarter of this year.
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