Cybersecurity software provider Datto said on Monday it would be taken private by security software company Kaseya for $6.2bn in an all-cash deal funded by a consortium led by private equity firm Insight Partners.
The deal offers $35.50 per share in cash to Datto shareholders, a nearly 52% premium to the company’s closing price on March 16 before a media report here said the software maker was exploring options, including a sale.
The purchase by Kaseya, an IT management software maker backed by Insight Partners, is also supported by investments from TPG Capital, Sixth Street Partners and Singapore state investor Temasek.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The take-private offer came less than two years since Vista Equity-backed Datto went public on the New York Stock Exchange in October 2020 at $27 per share. Vista Equity was the biggest shareholder of Datto, owning nearly 70% of the company.
Founded in 2007, Datto makes security and cloud-based software for managed service providers for small and medium-sized businesses. Vista Equity acquired Datto in 2017 and merged it with Autotask Corp.
Datto generated $618.7m in revenue in the fiscal year 2021, growing 19.3% year over year.
The deal is expected to close in the second half of the year.
Source: Reuters
Can’t stop reading? Read more
Inflexion exits European LifeCare after tripling revenues at vaccination leader
Inflexion exits European LifeCare after tripling revenues at vaccination leader Inflexion has...
Blackstone boosts Aligned Data Centers debt facility to over $1bn for expansion push
Blackstone boosts Aligned Data Centers debt facility to over $1bn for expansion push Blackstone...
$11.2bn buyout talks put Thoma Bravo in pole position for Dayforce
$11.2bn buyout talks put Thoma Bravo in pole position for Dayforce Thoma Bravo is in advanced...