World Wide Technology (WWT) on Thursday announced that it closed on its $1.3 billion acquisition of a Canadian public company. .
World Wide Technology Holding Co. LLC, a nearly $20 billion provider of technology products and services for large businesses and government entities, said its acquisition of Toronto-based Softchoice Corp. (TSX:SFTC) "broadens" its client base,and gives its customers " access to a more comprehensive portfolio of software, cloud, cybersecurity and AI solutions."
The deal was originally announced in late December. The deal called for WWT, through an affiliate, to buy Softchoice for CA$24.50 per share, representing a return of about 62% on the company's IPO offer price, as adjusted for dividend payments, according to a press release. Softchoice, a software and cloud-based IT services provider, went public in May 2021 at CA$20 per share.
WWT, more broadly, is looking to invest in AI adoption at the enterprise-level, the release said. The move is a continuation of the company's "strategic $500 million investment" in generative AI adoption in its business ventures. Part of that investment was the development of an "AI proving ground," an AI lab announced in 2023 that the company says will be complimented by the services provided by Softchoice.
