Billing company from Yokneam sold at a 50% premium
Israeli company Mind CTI, a provider of billing solutions from Yokneam, is being sold to Canadian Enghouse Systems for $25.4 million — a 49% premium over the closing price. The company's stock surged over 40%.
Israeli company Mind CTI, a provider of billing and customer service solutions in the telecommunications sector, is being sold to Canadian Enghouse Systems for $25.4 million. The share price in the deal is $1.30, a premium of over 49% relative to the Nasdaq closing price on Monday, and 42% above the average price over the last 30 trading days. The company's stock surged over 40% on massive trading volume following the announcement. Mind, founded by Monica Iancu, has been traded on Nasdaq since 2000 and has offices in Israel, Romania, Germany, and the US. Enghouse Systems, traded on the Canadian stock exchange with a market cap of about C$1 billion (approximately US$700 million), provides software solutions in customer service and communications. The boards of both companies unanimously approved the all-cash deal, and Mind will become a subsidiary of Enghouse. The transaction is subject to approval by Mind's shareholders and is expected to close during the first quarter of 2027. Iancu, the largest shareholder with 15.5%, has committed to supporting the deal. Concurrently, the company announced the appointment of Orly Sorokin as the new CEO, replacing Iancu who will continue as chairperson. Mind ended the first three quarters of the year with a 3.5% decline in revenue to $14.1 million, and a shift from profit to a net loss of $1.2 million.