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Hummingbird flies into private hands.(Symphony Technology Group acquires)(Brief article)
Byline: mark chillingworth
Hummingbird flies into private hands
Mark Chillingworth
Enterprise content management (ECM) heavyweight Hummingbird has switched from being a publicly listed company to private ownership. Hummingbird believes the status change will enable it to be more creative with its strategy and software.
Symphony Technology Group has acquired outstanding shares in Hummingbird in an all-cash transaction that values the company at $465m ([pounds sterling]248m). Symphony specialises in turning around under-achieving companies.
Despite Symphony's reputation, Tony Heywood, Senior vp EMEA, denied that Hummingbird was in trouble. "The deal is about being in the best position to take advantage of opportunities in the market". He did say that ECM vendors were facing a period of consolidation.
Heywood said that by being a private company will allow ...
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Source: HighBeam Research, Hummingbird flies into private hands.(Symphony Technology Group...