US enterprise systems management software firm Quest Software Inc (NASDAQ:QSFT) said its shareholders had voted in favour of the planned USD2.4bn (EUR1.9bn) deal to be taken over by IT group Dell Inc (NASDAQ:DELL).
Quest shareholders held their meeting over the transaction on 25 September, Quest said, adding that completion remains subject to additional conditions.
Dell, which recently created its Software group to boost its software expertise, agreed to buy Quest in July, offering USD28.00 per share in cash. It said at the time that the addition of Quest with its suite of software solutions and key technologies was very much in line with its software strategy, bringing systems management, security, data protection and workspace management capabilities.
John Swainson, president of Dell Software Group said in a comment in July that the deal places Dell in a good position in the fastest-growing and largest segments of the software sector, allowing it to provide more competitive server, storage, networking and end-user computing solutions and services.
According to Quest’s chairman and CEO Vinny Smith, Quest’s products and employees will serve as foundation for Dell’s critical software business.
The buyer expects to wrap up the deal in its third fiscal quarter, it has said.
California-based Quest has some 3,850 staff operating from 60 offices in 23 countries and serving over 100,000 customers globally. It made global revenues of USD857m in its fiscal 2011, with gross margins of 86% and operating margins of 11%.