Business Objects, based in San Jose, Calif. and Paris, announced it has entered a definitive agreement to acquire La Crosse-based Firstlogic Inc. for about $69 million in cash.
Firstlogic will stay in La Crosse after its planned acquisition by Business Objects, officials of the latter company said at a press conference Thursday.
Firstlogic President Eric Lieberman and two Business Objects officials spoke at the press conference at Firstlogic headquarters after officials of the two companies met with employees at the La Crosse Center. Firstlogic has about 300 employees in La Crosse.
This is the second buyout attempt of Firstlogic in six months. On Sept. 1, Connecticut-based Pitney Bowes Inc., which already owns 11% of Firstlogic announced a definitive agreement to acquire the other shares of the company for about $50.3 million.
But Pitney Bowes and Firstlogic announced Nov. 14 the deal had been called off. The Federal Trade Commission had some antitrust concerns and requested additional information. Lieberman said Thursday he doesn’t anticipate that kind of problem with the proposed acquisition by Business Objects.
Firstlogic provides business software and a range of services, including system administration, custom-application development, project management and implementation, and software education.
The company was founded as Postalsoft in 1984, was renamed in 1997 and is owned by about 80 shareholders. Pitney Bowes owns about 11 percent of Firstlogic.
Lieberman said April 3 is the target date for completing the sale.