Compuware to Buy Irvine Temp Firm

Compuware Corp., a provider of corporate network software and staffing services, has agreed to buy rapidly growing Data Processing Resources Corp., an Irvine temporary-staffing firm that supplies thousands of computer specialists to major corporations.

Compuware said Thursday that it would pay $353 million cash, or $24 a share, for Data Processing, nearly double the stock’s price before the deal was announced. The Farmington Hills, Mich.-based company also agreed to assume $115 million in debt.

Data Processing’s stock surged 91% Thursday, the second-largest percentage gain on all U.S. markets. The shares closed at $23.38 on Nasdaq, up $11.13, as 5.7 million shares changed hands. Volume has averaged 218,288 a day during the last three months.

Compuware’s shares closed at $30.19, down 6 cents, on Nasdaq.

The deal would allow Compuware to boost its technicians from 7,000 to 10,000 and expand its geographic reach into 17 new cities in the West, Southwest and Southeast. It also would bring Compuware several large customers, including AT&T; and Microsoft.

Data Processing, since going public in 1996, has acquired 11 firms and greatly expanded its operations nationwide. Last year it logged revenue of $210.6 million. Compuware has annual revenue of about $1.6 billion.