Battery Ventures issues public takeover offer for Easy Software

According to a statement, the offer comprises a premium of around 100% on the last determined closing price of the company's shares on 24 July 2020.

The company's largest shareholders, who own more than 60% of the shares, have signed irrevocable commitments to accept the takeover. Deutsche Balaton announced a voluntary takeover offer for Easy Software in March 2019 priced at €4.9 per share. The firm owns a 32.46% stake in the company, while Global Derivative Trading holds 29.62%.

The offer must reach an acceptance rate of 75% among Easy Software's shareholders if it is to be accepted, according to the same statement.

Battery Ventures is currently investing via Battery Ventures XIII, which held a final close in February 2020 on $1.2bn, alongside its corresponding co-investment fund, which closed on $800m.

Based in Mülheim an der Ruhr, Easy Software produces software for businesses to facilitate the digitalisation of processes, including HR, procurement and document management. The company was founded in 1990 and employs 237 people, according to LinkedIn.

According to its 2019 annual report, Easy Software reported 2018 revenues of €46.6m, compared with €42.7m in 2017. It reported EBITDA of €900,000 in 2018, with a restructuring measure cited for the fall from €3m in the previous year.

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