SOUTHBOROUGH — Data backup and recovery company Double-Take Software Inc. said yesterday it agreed to be acquired by Vision Solutions Inc. for $242 million, or $10.55 per share.
Shares rose 62 cents, or 6.42 percent, to $10.28 on the Nasdaq stock exchange following the announcement.
Double-Take said its board of directors unanimously approved the all-cash offer, which represented a 21 percent premium to its share price of $8.71 on April 9, the last day of trading before it announced it was considering buyout bids.
The acquisition is expected to close in the third quarter, pending the approval of Double-Take shareholders and clearance by antitrust regulators.
Vision Solutions, a unit of private equity fund Thoma Bravo LLC, provides disaster recovery and system management solutions for IBM Power Systems and is based in Irvine, Calif.
Vision chief executive Nicolaas Vlok said the acquisition will increase Vision’s resources, scale and ability to innovate in the information availability business.