HelpSystems LLC, an Eden Prairie-based software firm specializing in data security, said Monday it will acquire GlobalScape, a San Antonio developer of file transfer software, for nearly $220 million in cash.

The deal is HelpSystems' largest acquisition and gives it new expertise in secure managed file transfers.

The company said GlobalScape's products and services would fit well with its security business, which includes software to prevent data loss and to classify data.

"GlobalScape's managed-file-transfer solution and expertise further strengthen HelpSystems' growing cybersecurity business," Kate Bolseth, chief executive of HelpSystems, said in a statement.

Robert Alpert, CEO of GlobalScape, said its strength "lies in moving mission-critical files both in and out of the cloud." The company earned $13.3 million in 2019, more than three times its 2018 profit, on revenue that rose 17% to $40.3 million.

Under the terms of the deal, HelpSystems agreed to pay $9.50 a share for GlobalScape, a 16% premium to that firm's closing price Friday on the NYSE American market.

Including debt, the transaction's value came to $217 million.

The deal is subject to the approval of GlobalScape shareholders and is expected to close before the end of September.

However, GlobalScape will solicit alternative transaction proposals from other companies and investors through Aug. 24, according to the merger agreement. If the GlobalScape board determines that an alternative proposal is superior, GlobalScape may terminate the HelpSystems agreement and pay HelpSystems a termination fee.

The agreement also provides HelpSystems a right to match a superior proposal.

The privately held HelpSystems last year had revenue of about $300 million and 950 employees.

HelpSystems, with more than 17,000 customers, has doubled in size in recent years thanks to acquisitions and organic growth.

Last year, HelpSystems was acquired for an unspecified sum by private-equity firms TA Associates and Charlesbank Capital Partners from HGGC, a Silicon Valley private-equity firm.