By Adriano Marchese


Canadian cloud-based software provider Nexj Systems Inc. has agreed to sell itself to a subsidiary of Constellation Software Inc.

Nexj said Monday that N. Harris Computer Corp. will acquire all of the company's outstanding common shares for 55 Canadian cents apiece, the equivalent of 42 U.S. cents.

The consideration represents a premium to Friday's share closing price of C$0.38, and a 35% premium to the volume-weighted average price of its shares over the last 20 trading days, it said.

The company expects a special meeting of the shareholders will be held in October and that the transaction will close in the fourth quarter.

"The acquisition...will provide the financial strength and operational support required as Nexj continues its transition to a subscription-based license model and seeks to grow its global," said Scott Beattie, chair of Nexj's board.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

08-29-22 0837ET