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Caere to stay in town after merger
By Nathan R. Huff
Los Gatos-based software solution provider Caere Corp. will be acquired by digital-imaging software giant ScanSoft Inc. in a deal worth more than $140 million.
Caere, with more than 200 employees, makes products that convert paper documents into electronic information. Caere representatives said the companies' strengths are complementary, despite the fact that they produce some competing products.
"Caere's leadership in electronic forms is complementary to their document-management software," said Brooks Spradling, a public relations specialist at Caere.
According to Spradling, Caere will remain in Los Gatos and have development centers in Fort Collins, Colo., and Budapest, Hungary. ScanSoft is based in Massachusetts. Robert Teresi, Caere's chief executive officer, will become a member of the board of directors.
At press time, the company had no information about employee retention or possible layoffs, Spradling said.
The $140 million merger was approved unanimously by the boards of both companies and will be finalized by a vote of the shareholders in April. Caere's shareholders will receive $4 in cash and $7.75 in ScanSoft common stock for each share they own.
The combined company predicts annual revenues of $100 million, beginning in April, and plans to expand on Caere's existing overseas market, which now accounts for 15 percent of its sales.
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