Well, we didn’t have to wait long to see who would be the sixth UK software and IT services player to leave AIM this year (see Clinical Computing to join AIM 'Dearly Departed' ). It’s Prologic, the loss-making provider of software to the fashion and lifestyle industries (see Prologic stays in red for another season).
US private investor, Joseph Liemandt, has made a (now) recommended cash offer for Prologic (via special purpose vehicle ESWC Acquisitions) at 36.5p a share, valuing the business at £3.65m. This is a 46% premium to Prologic’s pre-offer closing price. The bid was the outcome of a strategic review of Prologic’s business undertaken by Cobalt Corporate Finance.
Liemandt is CEO of privately held Trilogy Software and was once heralded by Forbes magazine as “the next Bill Gates”. His LinkedIn profile notes that he is “Looking to acquire another $100M in enterprise software companies”. Well, I guess he has only another $95m to go, then. Please form an orderly queue.