Microsoft Said to Pay About $400 Million in Xamarin Acquisition

Microsoft Corp. will pay about $400 million for software developer tools startup Xamarin, according to people with knowledge of the agreement.

The deal was announced Wednesday by both companies without terms. Xamarin had sales of about $30 million for 2015 and expects to approximately double that in the current year, said the people, who asked not to be identified because the details of the purchase aren’t public.