That means it was happening while Edgewater faced a hostile takeover bid from Ameri Holdings and Lone Star Value Investors, whose focus was primarily on the reseller's Dynamics AX business. That effort began in June. The bidders stopped their proxy fight after Edgewater said it would explore ways to enhance shareholder value. The M2 deal is subject to a working capital adjustment and earn out provisions of up to $6.6 million. Edgewater used about $11.1 million in cash and another $5 million under a credit facility. M2 operates primarily in the West Coast and in Texas, Oklahoma, Louisiana and Arkansas. It has 43 employees and has developed products for aerospace, retail, entertainment and financial services. M2 was also cited for having an active cloud business.