Fenwick & West represented Callidus Software Inc. (NASDAQ: CALD) (dba CallidusCloud®), a global enterprise software and SaaS company, in its acquisition by SAP SE (NYSE: SAP), a market leader in enterprise application software. The per share purchase price of $36 represents a 21% premium over the 30-day volume weighted average price per share and a 28% premium over CallidusCloud’s 90-day volume weighted average price per share. The per share price represents an enterprise value of approximately $2.4 billion. The transaction is expected to close in the second quarter of 2018, subject to approval from CallidusCloud stockholders, clearances by the relevant regulatory authorities, and other customary closing conditions.
The acquisition of CallidusCloud will give SAP leadership in the Lead to Money space that includes sales performance management (SPM) and configure-price-quote (CPQ), while also strengthening its position in the customer relationship management (CRM) space. More information about CallidusCloud’s acquisition by SAP can be obtained from the company announcement.
The Fenwick transaction team included corporate lawyers Matt Quilter, David Michaels, Horace Nash, Bomi Lee, Lara Foster, Chris Gorman, Amy Zhang and Michael Ohta; executive compensation and employee benefits lawyers Shawn Lampron, Patrick Grilli and Sarah Ghulamhussain; technology transaction lawyers Jonathan Millard, Joseph Schenck and Vanessa Katz; antitrust lawyers Mark Ostrau and Ashley Walter; and tax lawyers Larissa Neumann and Mike Knobler.