SumTotal Board Agrees To Vista's $160M Buyout

MOUNTAIN VIEW, Calif. (AP) — The board of software maker SumTotal Systems Inc. has reversed course and approved a bid from Vista Equity Partners, ending a previous buyout deal with Vista rival Accel-KKR.

Vista will pay $4.85 per share in cash for the company, which makes training and personnel software for business customers. That is more than double SumTotal's closing share price on April 3, when Vista made an opening bid for the company, and values the acquisition at $160 million.

SumTotal said it paid Accel-KKR a $6.7 million termination fee.

Stockholders still have to approve the deal.

"Our agreement with Vista provides an increased all-cash premium to our stockholders and reflects Vista's strong commitment to the transaction," said Jack Acosta, chairman of SumTotal's board, in a statement.

A call to Accel-KKR seeking comment was not immediately returned Wednesday morning.

The move follows a bidding war between Vista and Accel-KKR that began April 3, when Vista made an offer of $3.25 per share for the company.

SumTotal shares fell 2.3 percent, or 11 cents, to $4.78 in premarket trading.