Accelrys and Symyx to Merge
In its conference call, Accelrys described the merger as providing greater scale, improved financially stability, and better positioning for sustained, profitable revenue growth. Pro forma 2009 revenues for the combined company were $170.8 million. The merger is expected to be materially accretive to Accelrys’s fiscal 2010 non-GAAP EPS. (For Symyx’s 2010 results, see pages 7 and 12. For Accelrys’s quarterly results, see page 12.)
San Diego, CA and Santa Clara, CA, 4/5/10—Publicly held informatics companies Accelrys and Symyx Technologies have entered into a merger agreement. Under the agreement for the tax-free, all-stock merger, Symyx shareholders would receive 0.7802 shares of Accelrys common stock for each Symyx share, and each company’s shareholders would own 50% of the combined company. The combined company would have a market capitalization of $335 million, cash reserves of $150 million (net of transaction costs) and no debt. Full-year net cost synergy savings are expected to be in the range of $10–$15 million. Accelrys CEO Max Carnecchia will serve as CEO. The merger is expected to be completed in June.
