Network software maker

New Era of Networks

(NEON) - Get Report

was up 9% in preopen

Island

trading after announcing it would be acquired by

Sybase

(SYBS)

for $373 million in stock.

The deal values New Era at $9.50 per share, a 37% premium over Tuesday's closing price.

Sybase said the deal extends its e-commerce software offerings beyond database applications.

Sybase was down 12.2% in preopen trade.