SumTotal merges with Vista Equity Partners

HYDERABAD, INDIA: SumTotal Systems, Inc., a global provider of talent development solutions, today announced that, at a special meeting of SumTotal’s stockholders held on Wednesday, approximately 99 per cent of them approved the proposed transaction with affiliates of Vista Equity Partners Fund III, L.P., and the transaction has been completed.

Under the terms of the agreement, SumTotal stockholders are entitled to receive $4.85 in cash for each share of SumTotal common stock they hold.

Letters of transmittal allowing SumTotal stockholders of record to deliver their shares to the paying agent in exchange for payment of the merger consideration will be distributed shortly after the closing.

Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, as such conversions will be handled by the bank or broker.

With the closing of the transaction, SumTotal stock will cease to trade on the NASDAQ.