Reston, Va. -- Software AG, a German developer of business infrastructure software with U.S. headquarters in Reston, said on Tuesday that it will launch a tender offer to acquire German rival IDS Scheer in a deal worth $681 million. The company said that it already has acquired a 48% stake from IDS Scheer founder August-Willhelm Scheer and shareholder Alexander Pocsay, with a tender offer for the remaining shares set to launch in August. Karl-Heinz Streibich, the CEO of Software AG, said the acquisition will create a "globally significant company" focused on business process management. Software AG currently has 700 employees and more than 1,000 clients in the U.S.

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