LOWELL — Shareholders of SofTech Inc. will meet next week at company headquarters to consider and vote on SofTech’s plan to sell its computer-aided-design software product, called CADRA, to Mentor Graphics Corp.
The meeting takes place at 10 a.m. Wednesday, Oct. 9, at SofTech’s headquarters on 59 Lowes Way.
On Sept. 3, SofTech announced it was selling the CADRA product line to Oregon-based Mentor for $3.2 million, plus potential earn-out payments of up to an additional $750,000 based on 10 percent of CADRA revenue generated by Mentor in the three-year period after the closing.
The sale is expected to close before Nov. 30, pending two-thirds shareholder approval.
SofTech had sales of $6.4 million in its most recent fiscal year.
