June 24, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Proginet Corp. (PRGF.OB), firm specialized in multi-platform file transfer solutions, said it has entered into a definitive merger agreement to be acquired by Tibco Software, Inc. (TIBX) in a deal valued at around $23 million.

Under the terms of the agreement, Proginet stockholders will receive $1.15 in cash for each share of Proginet common stock they hold, representing a premium of around 22% to the closing price of Proginet’s common stock on June 21, the last trading day before the signing of the merger agreement.

The Proginet board has unanimously approved the merger agreement and the merger and has approved recommending the approval of the transaction to Proginet’s stockholders.

Proginet said it expects the transaction to close in the first quarter of Proginet’s fiscal 2011 (which begins on August 1, 2010).

New York-based Proginet offers multi-platform software solutions for file transfers both inside and outside the enterprise.

California-based Tibco Software provides enterprise software that helps companies achieve service-oriented architecture and business process management goals. The firm has offices in 40 countries.

Real-time, streaming research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://investrend.stocksmart.com/ss/html/hpcompany.html). Current valuation analysis research for companies and funds mentioned in FinancialWire(tm) news is available via the Investrend Research Syndicate (at http://www.valuengine.com/rep/searchsrep?pid=42&srchfor=).

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public other companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (at http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation from subject entities, companies, equities, or representatives thereof, for its news, opinions or distributions. Further disclosure is posted at the FinancialWire(tm) website (at http://www.financialwire.net/disclosures.php and http://www.financialwire.net/2010/04/23/safe-harbor/). Additional resources for investors are also accessible via the FinancialWire(tm) website (at http://www.financialwire.net/2010/04/23/investor-resources/). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Copyright © MMX, FinancialWire(tm); All rights reserved.

[hlmsmlh] [tchnlgy] [tchnlgy] [infrntntchnlgy] [mrgrsacqstns] [ftrdnwswnd]

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.