Micro Focus to sell archiving & risk management portfolio for $375m

Software firm Micro Focus has agreed definitive terms to sell its archiving and risk management portfolio - the Digital Safe business - to Smarsh Inc for $375m in cash.

The Digital Safe business is part of the Information Management and Governance (IM&G) product group and includes Digital Safe products and the complementary offerings of Social Media Governance, Supervisor and eDiscovery.

Chief executive officer Stephen Murdoch said: "Micro Focus acquired the Digital Safe business in September 2017 as part of the HPE transaction. Since this date, we are proud of the progress made, with our focus on customer-centric innovation delivering significant improvements to the portfolio and enabling us to begin the transition to a cloud-first business model.

"Looking ahead, archiving and risk management is changing rapidly and becoming an increasingly specialised area. We believe that by combining the Digital Safe business with Smarsh, a leading innovator in this area, our Digital Safe customers and employees will see significant benefits and be better served for the long term."