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Blue Bell-headquartered MAM Software Group Inc. is set to be acquired by Kerridge Commercial Systems in an all-cash transaction valued at approximately $154.2 million.

Under the terms of the agreement, stockholders of MAM, a provider of on-premise and cloud-based business management solutions for the automotive parts, tire and vertical distribution industries, will receive $12.12 per share in cash for each common share of MAM, which represents a 14% premium over the closing price on August 30, 2019 and a 38% premium over the prior 90-day average of $8.80 per share.

"We have long believed that a partnership between MAM Software and KCS would create a range of significant strategic opportunities," said Ian Bendelow, CEO of Kerridge Commercial Systems, which provides software, services and support for trading and business management solutions to trade, wholesale, manufacturing and distribution customers. "MAM has significant traction in the automotive aftermarket sector that augments our solution offering, and this combination also will expand our U.S. market presence."

MAM's Board of Directors have unanimously approved the proposed transaction.

Mirus Capital Advisors and Sullivan & Worcester LLP are serving as MAM's financial and legal advisers, respectively, for this transaction. Kirkland & Ellis LLP is serving as KCS's legal adviser.