Deltek has agreed to acquire public-sector market intelligence provider Onvia (Nasdaq: ONVI) for approximately $70 million in cash, or $9.00 per share.
Both companies expect to complete their combination in the fourth quarter of 2017 and Deltek said Thursday the deal will expand the firm’s GovWin IQ information product offerings for government contractors.
The transaction price is a 100 percent premium on Wednesday’s closing stock price for Seattle-based Onvia, which uses a technology platform designed to generate contracting leads at the federal, state and local levels.
GCA Advisors and Perkins Coie respectively serve as financial and legal advisers to Onvia on the transaction while Jones Day acts as Deltek’s legal adviser.
The deal comes 10 months after investment company Thoma Bravo sold Deltek to industrial and technology conglomerate Roper Technologies for $2.8 billion.