Vision Solutions, a privately-held portfolio company of Thoma Bravo LLC, today announced that it is acquiring Double-Take Software for $10.55 per share in a deal valued at $242 million. Double-Take went public in 2006 at about $11 a share.

Vision Solutions specializes in data protection software for IBM Power Systems, while Double-Take specializes in backup, replication, disaster recovery and high availability software primarily for Microsoft platforms, including Exchange, SQL Server and SharePoint in physical and virtual server environments.

Last month, Double-Take announced that its board of directors was “considering indications of interest to acquire the company.” Three potential suitors were reportedly interested in acquiring Double-Take, with some rumors mentioning Double-Take partners Dell and Hewlett-Packard as potential candidates.

Double-Take claims more than 19,000 customers worldwide, and is headquartered in Southborough, MA. Over the past few years, Double-Take acquired vendors such as TimeSpring Software and emBoot. Double-Take competes directly with vendors such as Neverfail.

Vision Solutions’ most recent product announcement was its RecoverNow 5.1 disaster recovery software for IBM’s i operating system. RecoverNow includes continuous data protection (CDP) functionality.

Double-Take’s board of directors has approved the Vision Solutions acquisition, but completion of the deal is subject to shareholder approval. Double-Take (NSDQ: DBTK) shares were trading around $10.30 today.

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