Why Are Micro Focus Shares Rising Today?

Micro Focus International PLC MFGP will sell its Digital Safe archiving and risk management portfolio to Smarsh. The financial terms of the transaction remain undisclosed.
The Digital Safe business includes the Digital Safe product and the complementary offerings of Social Media Governance, Supervisor, and eDiscovery.
The acquisition will consummate pending regulatory approval in Q1 CY22.
"This acquisition also enables Smarsh to better serve our cross-border financial services customers and to expand our footprint in other heavily regulated industries," Smarsh CEO Brian Cramer said.
The addition of the Digital Safe customer base, technology, and team of subject-matter experts strengthens Smarsh's position in Enterprise Information Archiving. It accelerates the execution of its global growth strategy.
Price Action: MFGP shares traded higher by 9.26% at $5.43 on the last check Wednesday.