Technology business management software company Apptio is to be acquired by private equity firm Vista Equity Partners for $1.94 billion.
Apptio's tools help CIOs and other executives to track and measure the effectiveness of their technology investment strategies, for example helping them to understand the cost and utilisation of their hybrid cloud infrastructure. The company said that going private will give it more flexibility to grow faster.
Apptio shareholders will receive $38 in cash per share, representing a 53 percent premium to the closing price on 9 November. The company said the deal includes a 30-day "go-shop" period, which permits Apptio's board and advisors to seek alternative deals.
"Vista's investment and deep expertise in growing world-class SaaS businesses and the flexibility we will have as a private company will help us accelerate our growth while helping us maintain our commitment to creating wildly successful customers," said Sunny Gupta, co-founder and CEO of Apptio.
"Today, with companies across sectors increasingly depending on technology to stay competitive, IT is becoming a critical component for every business on the planet, and Apptio has created the leading platform to help customers manage this new paradigm," said Brian Sheth, co-founder and president of Vista.
BLACK FRIDAY 2018 DEALS: