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March 20 (Reuters) – Software maker Anaplan Inc (PLAN.N) said on Sunday it had agreed to be taken private by Thoma Bravo LP for $9.65 billion in cash, another sign of rising private equity interest in the cloud-based software space.
The deal would give Anaplan investors $66 for each share held, a premium of more than 30% over the company’s last closing price on Friday.
Anaplan makes software that helps businesses model different forecasting outcomes and has more than 1,900 customers worldwide. Its revenue rose by about a third in the year to Jan. 31, while losses widened.
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The highly leveraged buyout is the latest in the software sector, whose rapid growth during the COVID-19 pandemic has attracted interest from private equity players.
Last month, software company Citrix Systems (CTXS.O) said it would be taken private for $16.5 billion including debt by affiliates of Elliott Management and Vista Equity Partners. read more
The news of the Anaplan deal, which has an enterprise value of $10.7 billion, was first reported by the Wall Street Journal.
Hedge fund Sachem Head Capital Management took a nearly 5% stake in Anaplan last month.
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Reporting by Vishal Vivek and Jahnavi Nidumolu in Bengaluru; Editing by Himani Sarkar and Aditya Soni
Our Standards: The Thomson Reuters Trust Principles.
Read More: Software maker Anaplan to go private in $9.65 bln deal with Thoma Bravo