Envivio shares double after a deal to be bought by Ericsson

Shares of Envivio more than doubled Thursday after Ericsson agreed to buy the telecom software company for $125 million.

Envivio shareholders will receive $4.10 a share in cash.

Shares were up 114%, or $2.16, to $4.06 in Thursday afternoon trading.

The deal is expected to close before the end of the year.

Envivio, based in San Francisco, develops video processing and delivery software. And its products will be rolled into Ericsson’s TV and media business, a unit that develops “cloud” technology for TV-anywhere video providers.

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