UserWay Agrees to be Acquired by Digital Accessibility Leader Level Access

Date:

Share post:

UserWay, a pioneer in accessibility AI technologies, and Level Access, a leading provider of digital accessibility solutions, have signed a definitive agreement for Level Access to acquire UserWay in an all-cash transaction for a consideration of US $98.7 million.

Upon closing of the transaction, the combined teams will help more organizations to launch and sustain successful digital accessibility programs. Level Access’ decades of full-service digital accessibility expertise and UserWay’s technology innovation will bridge the digital disability divide for more people online.

Under the terms of the merger agreement, UserWay shareholders will receive US $21.06 (approximately 76 ILS) per share in cash, representing a premium of 17% over the fully diluted share price as of market close on December 28th, 2023, and 22% over the Company’s last thirty-day average fully diluted share price.

“We’ve long admired the Level Access team and their integration of technology, service, and subject matter expertise,” said Allon Mason, CEO and Founder of UserWay. “This transaction delivers compelling value to our shareholders and provides our team with a great opportunity to bring our technologies to a broader market. We are unified by a shared mission to make the world more accessible, and we believe this partnership will increase and accelerate what we are able to accomplish.”

“Allon and the UserWay team have developed incredible automated remediation technologies that enable organizations to move faster in their digital accessibility programs,” said Tim Springer, CEO and Founder of Level Access. “This combination, with our full-service digital accessibility platform, will enable us to bring powerful new tools to our customers and positions us with a robust solution set for organizations of any size and maturity.”

Also Read: Python vs. Java: A Comparison of Two Powerhouse Programming Languages

Approvals and Timing

The transaction has been approved by UserWay’s Audit Committee, Board of Directors and is subject to customary closing conditions, including the approval of UserWay shareholders and regulatory approvals. The transaction is expected to close in early 2024. UserWay CEO Allon Mason will also be participating in the transaction with a direct investment in Level Access.

Upon closing of the transaction, UserWay will become a privately-held company wholly owned by Level Access and the company’s shares will no longer be listed on TASE or on any public stock exchange. The business will continue to operate under the UserWay name and brand, with Allon Mason as CEO of UserWay and President of Level Access.

Nfluence Partners acted as exclusive financial advisors and Sullivan & Worcester as legal counsel to UserWay. Latham & Watkins LLP and Herzog, Fox & Neeman served as legal counsel to Level Access.

Check Out The New TalkDev Podcast. For more such updates follow us on Google News TalkDev News.

TalkDev Bureau
TalkDev Bureau
The TalkDev Bureau has five well-trained writers and journalists, well versed in B2B enterprise technology industry, and constantly in touch with industry leaders for the latest trends, opinions, and other inputs- to bring you the best and latest in the domain.
spot_img

Related articles

How Does the Kernel Work in the Operating System (OS)

Explore the core of the Operating System (OS) - the Kernel. Unveil its key role in managing system...

Wondershare Unveils Filmora 13.3: Revolutionizing Video Editing with Improved UI, UX, and Advanced Color Grading Features

Wondershare has released Filmora 13.3, the latest flagship video editing software update. This version introduces significant UI and...

Apple Removes WhatsApp and Threads from China App Store on Government Order Citing National Security

Apple has removed Meta Platforms' WhatsApp and Threads from its App Store in China due to national security...

Meta Platforms Unveils Llama 3 AI and Real-Time Image Generator to Rival OpenAI

Meta Platforms has launched early versions of its latest large language model, Llama 3, and an image generator...