Cam Commerce to be bought by Great Hill for $40.50-share

CADA 39.65, 0.00, 0.0%) the Fountain Valley, Calif., provider of integrated retailing and payment-processing solutions for traditional and e-commerce businesses, definitively agreed to be acquired by Great Hill Partners for $40.50 a share, or $180 million. Cam Commerce shares closed Monday at $37.54, so the deal price reflects a 7.9% premium. Cam's board has approved the deal, which is subject to conditions including antitrust clearance and a vote of the company's holders. In a statement on Tuesday, Cam Commerce said Great Hill, the Boston private-equity firm, has lined up financing for the offer. The two sides hope to close the purchase in Cam's fiscal fourth quarter, which ends Sept. 30. The deal was reached after the board reviewed strategic alternatives, Cam Chairman and Chief Executive Geoff Knapp said. "While we have seen excellent growth in recent years, our stock has a small float and continues to be thinly traded," he said. For the second quarter ended March 31, Cam reported net income rose 60% to $1.4 million, or 32 cents a share, as revenue climbed 23% to $9 million. RBC Capital Markets advised Cam Commerce.

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