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NetManage Plans to Acquire FTP Software

June 16, 1998|Bloomberg News

NetManage Inc. said it will acquire FTP Software Inc. for about $77.4 million as the networking-software company broadens its computer networking abilities. NetManage will exchange 0.73 of a share for each FTP share. NetManage fell 19 cents to close at $2.94, while North Andover, Mass.-based FTP Software fell 19 cents to close at $1.81 in Nasdaq trading. NetManage said the addition of FTP will complement its computer network software products and increase its market share. The acquisition adds FTP's World Wide Web, computer server and other networking products to NetManage's corporate mainframe and mid-range and Unix computer networking products. Cupertino-based NetManage said Zvi Alon will remain chief executive after the acquisition, which is subject to approval by stockholders of both companies.

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