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LONDON — British software program firm Blue Prism stated Tuesday it has agreed a deal to be taken over by private equity firm Vista Equity Partners for £1.1 billion ($1.5 billion) in money.
Blue Prism, which makes a speciality of software program robots that automate repetitive duties, said Vista would pay every shareholder £11.25 per share, a 35% premium to the corporate’s final closing worth of £8.32.
It’s the most recent in a string of private equity offers for publicly-listed software program corporations. Earlier this yr, safety firm Proofpoint agreed a $12.3 billion sale to Thoma Bravo, whereas Cloudera is being purchased by KKR and Clayton, Dubilier & Rice.
Blue Prism can also be amongst a large number of British companies which have attracted curiosity from U.S. private equity buyers. Supermarket chain Morrisons, infrastructure firm John Laing and aerospace firm Cobham have all been the goal of takeover bids in current months.
Following completion of the acquisition, Vista stated it intends to not directly switch Blue Prism to portfolio firm TIBCO, an enterprise information firm.
“Combining with Vista and TIBCO will ensure we remain at the forefront of the next generation of intelligent automation,” stated Jason Kingdon, chairman and CEO of Blue Prism.
“We can expand the range of products we offer our customers, with TIBCO’s global footprint and technologies; and, as a privately owned company, we will also have greater access to capital to pursue new growth opportunities via product investment and other potential M&A.”
The worth for Blue Prism marks a significant low cost to U.S.-based rivals corresponding to UiPath, the New York-listed firm with a $28 billion market cap, and Automation Anywhere, which was final privately valued at $6.8 billion.
Shares of Blue Prism sank 2.6% Tuesday morning.
Activist investor Coast Capital had expressed concern in regards to the valuation of the corporate amid hypothesis it was set to be taken over by private equity consumers.
However Coast, which owns roughly 3% of Blue Prism, just lately got here out in help of an acquisition.
“Coast will be supportive of whatever deal gives the company the best opportunity to improve its prospects,” the firm’s founder, James Ratesh, told Bloomberg final week.
– CNBC’s Elliot Smith contributed to this report.