Orrick, Herrington & Sutcliffe LLP recently represented long time client StreamServe Inc. in connection with its all cash merger with a wholly owned subsidiary of Open Text Corporation (NASDAQ: OTEX). The transaction was completed on October 26, 2010, and is valued at approximately US$71 million, subject to customary purchase price and holdback adjustments.
StreamServe, a Delaware corporation, offers enterprise business communication solutions software that helps companies process and deliver highly personalized documents in any paper or electronic format. With StreamServe’s software, companies can automatically create documents through rules-based assemblies, which may be presented in multiple formats. StreamServe’s clients include many well known financial institutions, telecommunications companies and public utilities.
StreamServe was founded by six Swedish individuals and initially financed by funds managed by Amerscan Partners, Apax, Pharos, Lansdowne and Marshall Wace. Orrick corporate partner Peter O’Driscoll incorporated StreamServe in 1997, and has represented it ever since.
“We are pleased to have advised StreamServe on this transaction,” said Peter. “At the time of the merger StreamServe had over 200 stockholders, which is unusual for a private company and presented some challenges. Despite that, the parties managed to complete the entire transaction – from start to finish – in eight weeks.”
Open Text provides Enterprise Content Management software solutions. Open Text’s software enables companies to manage traditional forms of content, such as images, office documents, graphics and drawings, as well as electronic content, such as web pages, e-mails and video. Open Text is headquartered in Waterloo, Ontario, Canada. Its shares are listed on the Nasdaq Stock Market and the Toronto Stock Exchange.
Peter and London corporate of counsel Nell Scott led the transaction for StreamServe. They were assisted by an Orrick team from across the firm, including, among others, New York tax partner John Narducci, New York intellectual property partner Rob Isackson, London competition partner Douglas Lahnborg, Dusseldorf employment law partnerArno Frings, Washington, D.C., litigation of counsel Patricia Zeigler, New York tax senior associate Jamie Larkin, San Francisco compensation and benefits senior associateJason Flaherty, New York corporate managing associate Kirsty McGuire, Dusseldorf employment law managing associate Ulrich Wahlers, London corporate associate Kirill Kholod, London competition associate Margarita Ivanova and New York senior paralegalDesiree Rigilano.
