Apptio, Inc. (NASDAQ:APTI) was hoping to keep the momentum going Tuesday after the company agreed to be acquired by private equity firm Vista Equity Partners for around $1.94 billion.
The Bellevue, Washington-based Apptio, the business management system of record for hybrid IT, announced the Vista deal Sunday. Vista is a leading investment firm focused on software, data and technology-enabled businesses.
Under the terms of the agreement, Vista will acquire all outstanding shares of Apptio common stock for a total value of approximately $1.94 billion. Apptio shareholders will receive $38.00 in cash per share, representing a 53% premium to the unaffected closing price as of November 9.
According to CEO Sunny Gupta, "Since founding, our focus has been on building the next great cloud software platform by dedicating ourselves to helping companies of all sizes and industries manage, plan, and optimize technology investments across their hybrid IT environments,.
"As we look to the next chapter of Apptio, we are thrilled to provide immediate liquidity to our shareholders at a significant premium to market prices and we remain deeply committed to our mission, product innovation, geographical expansion, and the work of the TBM Council."
Apptio's headquarters will remain in Bellevue, with regional offices across the U.S., EMEA and APAC. Closing of the deal is subject to customary closing conditions, including the approval of Apptio shareholders and anti-trust approval in the United States.
The transaction is expected to close in Q1 2019 and is not subject to a financing condition.
Shares eked up five cents to $37.70
