Silver Lake and Singapore’s sovereign wealth fund GIC finalized their $1.7bn acquisition of monetization platform Zuora, officially taking the company private.

The all-cash deal, valued at $10 per share, follows Silver Lake’s $400m strategic investment in 2022.

Zuora’s software helps businesses manage pricing, billing, payments, and revenue recognition. The company serves over 1,000 clients, including General Motors, The New York Times, Caterpillar, and Zoom. Founder and CEO Tien Tzuo highlighted that Silver Lake and GIC’s backing will strengthen Zuora’s ability to drive financial operations innovation and support evolving revenue models.

The sale stemmed from a competitive process where more than 30 potential buyers were approached, with over 10 conducting in-depth due diligence. Ultimately, Silver Lake and GIC’s bid was the only fully-financed proposal, according to special committee member John D. Harkey, Jr.

Silver Lake, which manages over $103bn in assets, sees Zuora’s monetization platform as increasingly vital for businesses navigating complex financial operations. Managing Partner Joe Osnoss and Managing Director Mike Widmann reaffirmed the firm’s commitment to supporting Zuora’s growth.

Zuora stockholders approved the transaction on February 13. Qatalyst Partners acted as the exclusive financial advisor to the special committee, while Foros advised Zuora. Legal counsel was provided by Goodwin Procter, Freshfields US, Simpson Thacher & Bartlett, Dechert, and Sullivan & Cromwell.