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Captaris to Capture Castelle

Document management software developer Captaris Inc. has agreed to acquire facsimile equipment manufacturer Castelle, Captaris announced Thursday. The deal, which was unanimously approved by both boards of directors, specifies that Captaris will pay $3.95 in cash per outstanding share of Castelle common stock, worth approximately $10.8M. Castelle had revenues of $10.6M for the year ending December 31, 2006. The acquisition is expected to close in Q3 2007, and both companies will operate independently until then. Castelle is a developer of network FAX servers used for enterprise FAX management. Founded in 1982, Captaris is headquartered in Bellevue, Wash. Castelle was established in 1987 and is based in Morgan Hill, Calif.


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