Subsequent Events

3 Months Ended

Feb. 28, 2019

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On March 28, 2019, we entered into an acquisition agreement with Ipswitch, Inc. (“Ipswitch”), pursuant to which we will acquire all of the outstanding equity interests of Ipswitch for $225 million in cash. We will fund the transaction with existing cash on hand and funds secured under a new credit facility. Ipswitch will provide us with leading network management and secure data file transfer capabilities for small and medium-sized businesses and enterprises. The transaction is expected to be completed in late April 2019, subject to customary regulatory approvals and conditions. Results of operations for Ipswitch will be included in our consolidated financial statements as part of the OpenEdge business segment from the date of acquisition.

In connection with the announced acquisition of Ipswitch, we intend to suspend our stock repurchase program for the remainder of fiscal 2019.