SmartSpace Software Plc is set to be acquired in a £28 million deal.

The board of the space management software firm, headquartered in Suffolk and listed in London since 2005, has recommended the all-cash offer from Florida firm Sign In Solutions Inc.

SIS has offered 90 pence in cash per SmartSpace share, which values the firm at £28.35m – a premium of approximately 169% on the company’s closing share price on Monday.

SmartSpace, which develops space management software for smart buildings and commercial spaces, saw its valuation drop during COVID but it has since recovered to almost pre-pandemic levels.

The companies claim to already have the backing of more than 47% of SmartSpace shareholders, with 75% needed for the deal to go through.

“The board of SmartSpace is proud of the SmartSpace Group’s achievements and evolution over the past five years which in no small part is due to the hard work and diligence of the staff,” said Guy van Zwanenberg (pictured), chairman of SmartSpace.

“We feel that the time is opportune for the shareholders and employees of SmartSpace to take advantage of the opportunities being offered with SIS. We are very happy to recommend this deal to shareholders.

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“Over the past number of months, as we have gotten to know the team at SIS, it has reinforced our view that there is an excellent commercial fit between the businesses. 

“As a board, one of our primary concerns was to work with a buyer that provided a great future for our employees and we are confident that SIS is the right partner to enhance the Company’s position in the space management market.”

SIS CEO Jeff Gordon said of the company’s products: “Both Space Connect and SwipedOn will contribute directly to SIS’s rapidly expanding growth in the global visitor management market. 

“SwipedOn, in combination with our current Sign In App offering, further enables us to continue to grow market leadership by providing further insight and critical prerequisite information to our customers. 

“Additionally Space Connect, along with our current solutions, offers industry leading convenient and comprehensive logistics support to those who engage with our customers’ businesses.”

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