LAVAL, QC - 20-20 Technologies Inc., a publicly traded supplier of CAD/CAM software, including for the wood products and closets industries, will be acquired by Vector Capital Corp.

Vector will pay approximately $77 million for 20-20 Technologies, based on $4.00 in cash per share for 20-20. The price represents a 20% premium, 20-20 said.

In April 2012, 20-20 Technologies said in its earnings announcement it was pursuing strategic alternatives, including a potential sale of the company. More than 50 potential buyers were contacted as potential suitors, according to Jocelyn Proteau, who chaired 20-20's review committee.

In the most recent quarter, 20-20 Technologies reported $17.9 million in revenue, for three segments: the Americas, 50.2 percent of the total sales; Europe, Middle East and Africa, 45.7 percent; and Asia Pacific 4.1 percent of total revenue.

Jean-François Grou, CEO of 20-20 Technologies, said, "Much has been done in the last 25 years to build 20-20 Technologies into what is now the world's leading provider of computer-aided design, business and manufacturing software tailored for the interior design and furniture industries. We are pleased to be partnering with Vector to leverage their global capabilities."

While the 20-20 board voted unanimously to approve the sale, Jean Mignault, who founded 20-20 in 1985 and remains "an interested director," abstained. Mignault agreed to sell approximately 80% of his interest through Mignault Holding Inc. and will receive an equity interest up to 9.9% in the acquiring company for the remaining 20% of his interest. Mignault will also continue to serve as a board member and in the role of chief of strategic direction.

"The decision to initiate a strategic review process was a difficult one to make, but this outcome is the right one," Mignault said. "Vector shares our vision for the future and therefore we strongly support the proposed transaction."

Vector Capital, based in San Francisco, is a global private equity firm specializing in spinouts, buyouts and recapitalizations of established technology businesses. Among Vector's investments are Aladdin Knowledge Systems, Corel, Gerber Scientific, Technicolor, and WinZip. 

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