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SIRSI Acquires DRA for $51.5 MillionHuntsville, Alabama–based library management system supplier SIRSI announced May 17 that it has signed a merger agreement with competing vendor Data Research Associates, headquartered in St. Louis. The agreement would give SIRSI second place after epixtech in the number of installed and accepted systems worldwide, according to statistics in the March 2001 Library Systems Newsletter. As part of the agreement, SIRSI will purchase all outstanding DRA common stock for $11 per share, or approximately $51.5 million. The transaction was unanimously approved by the board of directors of each company and is expected to be finalized by early August. DRA CEO Michael Mellinger will become chairman of the new DRA, which will operate as a wholly owned subsidiary, and will serve on SIRSI’s board of directors. Posted May 21, 2001. |
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