FOR IMMEDIATE RELEASE Contact: Rachel Morrison, Director of Corporate Communications Email: r.morrison@technova.com Phone: (555) 789-4321
SAN FRANCISCO, CA - January 15, 2025 - TechNova Corporation (NASDAQ: TCNV), a leading provider of cloud infrastructure solutions, and DataFlow Systems Inc. (NASDAQ: DFSW), a pioneering data analytics platform developer, today jointly announced they have entered into a definitive merger agreement. Under the terms of the all-stock transaction valued at approximately $8.5 billion, DataFlow shareholders will receive 0.85 shares of TechNova common stock for each DataFlow share they own.
The strategic combination will create a comprehensive technology powerhouse with combined annual revenues exceeding $12 billion and a workforce of over 28,000 employees globally. The merger is expected to generate substantial synergies, with projected cost savings of $400 million annually by the end of the second fiscal year following completion.
"This merger represents a transformative opportunity to deliver unparalleled value to our customers, shareholders, and employees," said Michael Chen, CEO of TechNova. "By integrating DataFlow's advanced analytics capabilities with our robust cloud infrastructure, we will be uniquely positioned to address the evolving needs of enterprises navigating digital transformation. Together, we can accelerate innovation and expand our market reach far beyond what either company could achieve independently."
Dr. Lisa Patel, CEO of DataFlow, emphasized the complementary nature of the two companies. "Our organizations share a common vision of empowering businesses through data-driven insights and cutting-edge technology. The combined entity will offer an integrated suite of solutions that seamlessly connects data collection, analysis, and cloud-based deployment. This merger will enhance our ability to serve clients across diverse industries, from healthcare and finance to manufacturing and retail."
The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to regulatory approval and DataFlow shareholder approval. The companies anticipate completing the merger in the third quarter of 2025. During the transition period, both companies will continue to operate independently and honor all existing customer commitments.
Goldman Sachs is serving as financial advisor to TechNova, while Morgan Stanley is advising DataFlow. Legal counsel is being provided by Wilson & Partners for TechNova and Harris Legal Group for DataFlow.
Both companies will host a joint investor conference call today at 4:00 PM EST to discuss the merger in greater detail. Interested parties can access the live webcast through the investor relations section of either company's website.