Carbonite (NASDAQ: CARB) shares soared by 24.5% at the opening bell on Monday after it entered into an agreement to be acquired by OpenText (NASDAQ: OTEX) for USD 23.00 per share or a transaction valued at USD 1.42 Billion.

The value OpenText is paying for Carbonite represents a 78% premium to Carbonite’s unaffected closing stock price on September 5, 2019.

“Following expressions of interest from multiple parties, the Carbonite Board conducted a thorough and comprehensive process, which included contact with a number of strategic and financial parties, to identify the best way to maximize shareholder value,” said Steve Munford, Interim Chief Executive Officer and President/Executive Chairman of the Board of Carbonite. “The Board strongly believes that a transaction with OpenText delivers compelling, immediate and substantial cash value to shareholders.

Munford continued, “Carbonite has expanded its solutions to become a leader in cyber resiliency. We have grown through both organic and inorganic opportunities over the years, enhancing our routes to market, diversifying our customer base, and assembling a talented workforce, while adding meaningful scale. Joining with OpenText is an exciting next step for Carbonite.”

Carbonite also announced its financial results for the third quarter. During the quarter, the Company reported adjusted earnings of USD 0.61 per share on revenue of USD 125.6 Million.

The Company experienced its revenue increase by 62% year-over-year, however, net losses continued to widen during the quarter. Carbonite reported net loss of USD 14 Million compared to a net income of USD 0.6 Million in 2018.