Tuesday, May 19, 2009

Accel-KKR Ups SumTotal Bid

Mountain View-based SumTotal reported Tuesday that Accel-KKR has upped its bid for the firm to $4.80 in cash per share of SumTotal, up from an original $3.80. The Accel-KKR came after Vista Equity Partners offered $4.75 per share in cash last week for the firm, which makes talent development and human resources management software. SumTotal said its board has unanimously approved the amended agreement, and recommended approval of the acquisition by Accel-KKR. SumTotal is being advised by RBC Capital Markets and Wilson Sonsini Goodrich & Rosati in the deal; Accel-KKR is being advised by Kirland & Ellis LLP.