Apptio to be acquired by Vista Equity Partners for $38 per share
Apptio (APTI) announced that it has entered into a definitive agreement to be acquired by an affiliate of Vista Equity Partners.
Apptio, Inc. provides cloud-based technology business management (TBM) solutions to enterprises. Its cloud-based platform and SaaS applications enable IT leaders to analyze, optimize, and plan technology investments, as well as to benchmark financial and operational performance against peers.
Under the terms of the agreement, Vista will acquire all outstanding shares of Apptio common stock for a total value of approximately $1.94B.
Apptio shareholders will receive $38.00 in cash per share, representing a 53% premium to the unaffected closing price as of November 9, 2018.
Apptio’s board unanimously approved the deal and recommended that stockholders vote their shares in favor of the transaction.
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 antitrust approval in the United States.
The transaction is expected to close in Q1 2019 and is not subject to a financing condition.
The merger agreement includes a 30 day “go-shop” period, which permits Apptio’s Board and advisors to actively initiate, solicit, encourage, and potentially enter negotiations with parties that make alternative acquisition proposals.
Apptio will have the right to terminate the merger agreement to enter into a superior proposal subject to the terms and conditions of the merger agreement.
There can be no assurance that this 30 day “go-shop” will result in a superior proposal, and Apptio does not intend to disclose developments with respect to the solicitation process unless and until the Board makes a determination requiring further disclosure.
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