TheStreet

Electronics For Imaging (EFII)  reached a deal to be acquired by Siris Capital Group for $1.7 billion.

Siris Capital, a technology-focused private equity fund, will pay $37 a share in cash, a 25.8% premium over Electronics For Imaging's closing price Friday of $29.40, but a roughly 45% premium over the average stock price of over the last 90 days.

The shares jumped 26.60% in premarket trading to $37.22. 

"We believe this transaction delivers superior and immediate value to our shareholders while providing us with a partner that can add strategic and operational expertise to our business," said Electronics For Imaging CEO Bill Muir. 

Frank Baker, Siris co-founder and managing partner, said, "EFI is at the forefront of the digital transition in the imaging and print industry, underpinned by a strong software heritage and culture of innovation." 

There will be a go-shop period for 45 days, which is a provision in the acquisition agreement allowing Electronics For Imaging to seek a competing offer from another buyer.