Westborough-based Applix Inc. has agreed to be bought by Cognos , a business performance management company.
The $339 million deal is expected to be finalized during the fourth quarter, and is worth $17.87 per share to Applix shareholders. Applix is a financial performance management and budgeting software company, and has been public since 1994. The deal is still subject to regulatory requirements and other customary closing conditions.
Applix claims more than 3,000 customers worldwide, and is growing. In 2006, the company reported net income of $9.3 million on revenue of $52.1 million.
For its 2007 fiscal year, which ended in February, Ottawa, Ontario-based Cognos reported net income of $115 million on revenue of $979 million.
