NetManage, Rocker Software merger deal is off

By Lisa Kerner

Charlotte, N.C., March 3 - Rocket Software, Inc. terminated its agreement to acquire NetManage, Inc. after failing to secure necessary financing despite a contract extension.

In December, Rocket Software agreed to acquire NetManage for $7.20 per share in a deal valued at $69 million.

Chairman Avi Alon said NetManage will continue as a standalone company with "a strong pipeline of new business prospects."

NetManage reported a record net profit of $1.7 million for the fourth quarter of 2007. It was the company's third consecutive profitable quarter in 2007, a company news release stated.

Rocket Software is a privately held software development company based in Newton, Mass.

NetManage is Cupertino, Calif., software company.

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