The recent acquisition of UserWay by Level Access is set to merge the digital accessibility solutions of Level Access with the accessibility AI technology of UserWay. This consolidation is anticipated to bolster the comprehensive digital accessibility solutions currently offered by Level Access.
In a joint news release, both UserWay and Level Access confirmed the acquisition, with UserWay affirming its acceptance. The announcement also revealed that UserWay shareholders will receive $21.06 per share in cash as part of an all-cash transaction valued at $98.7 million. The news releases were made public on Dec. 31.
"UserWay team, led by Allon, 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, in the news release announcing the acquisition. "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."
According to the information provided by Level Access, UserWay is expected to continue operations under its existing brand name. Furthermore, Allon Mason will retain his position as CEO of UserWay while also assuming the role of president at Level Access. As per the Dec. 31 news release, it is projected that the transaction will be finalized in early 2024.
Mason expressed his admiration for the Level Access team and their integration of technology, service, and subject matter expertise. "This transaction delivers compelling value to our shareholders and provides our team with a great opportunity to bring our technology to a broader market," he said. "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."
The audit committee and board of directors at UserWay have approved the acquisition according to their news release; however, shareholder approval is still required. Following the acquisition, UserWay will transition into a privately held company and will no longer be listed on TASE or other public stock exchanges. Regulatory approval is also required before the transaction can be fully completed.