Irvine-based data management software company Vision Solutions Inc. is buying a Massachusetts maker of disaster recovery software in a deal valued at $242 million.
Vision Solutions is acquiring Double-Take Software Inc., a publicly traded company that will go private in the buyout.
The price for Double-Take is 20% more than what the company was trading at before the offer was announced.
Double-Take’s board has approved the sale, which still needs to be cleared by shareholders and regulators. The deal is expected to close in the third quarter.
Vision Solutions itself was bought in 2006 by Chicago private equity firm Thoma Bravo LLC, which is leading the Double-Take acquisition.
Vision Solution’s roots are in South Africa, where Chief Executive Nicolaas Vlok is from. The company shifted its headquarters to Irvine in 2006 with the Thoma Bravoy buyout.
Vision is in a niche market with estimated yearly sales of about $60 million.
Its software runs on iSeries servers developed by IBM Corp. The software backs up data and keeps servers running even during maintenance or a disaster.
Double-Take, which has yearly sales of about $80 million, makes data backup and recovery software for computers running Microsoft Corp. software.
Last month, Double-Take said its board was “considering indications of interest to acquire the company.”
