Thoma Bravo has made a move to buy out data integration firm Talend for US$2.4 billion (AU$3.1 billion), with plans to ‘drive shareholder value' and continue to build out Talend's market position.
The acquisition takes the form of a tender offer to acquire all of Talend's outstanding ordinary shares for and American Depositary shares for $66 per share in cash - an 81% premium to Talend's closing price as of 9 March.
Thoma Bravo states that Talend would become an entirely private company, with continued investments in cloud, products and solutions.
“Data has become critical to every facet of the world, and Talend's data fabric empowers organisations to operationalise their data,” comments Thoma Bravo partner Chip Virnig.
As part of the agreement, a 30-day “go-shop” period expires on April 10, 2021. This period permits Talend's Board and advisors to solicit alternative acquisition proposals.
Talend also has the right to terminate the memorandum of understanding to enter into a superior proposal subject to certain terms and conditions of the memorandum of understanding.
Virnig says that Talend has built a cloud-native orchestration platform that brings data together to help enterprises solve complex problems.
Talend chairman of the board Steve Singh says that Talend shareholders will benefit from ‘compelling and certain cash value', while customers, employees and stakeholders will receive long term benefits.
“Our Board is focused on driving shareholder value and has periodically evaluated potential transaction alternatives in the context of our standalone plan over the past several years,” Singh explains.
“With the successful advancement of our transformation effort led by our CEO over the past year, the Talend Board and management team conducted a targeted process with potential financial and strategic parties to determine the best path forward for the company.
Talend's chief executive officer Christal Bemont echoes a similar sentiment, saying that the last 12 months have exemplified Talend's importance in helping enterprises trust data.
Bemont says the new road ahead will provide Talend with more capital, expertise and resources to fuel its mission.
“I want to thank the Talend team for their dedication to our company and customers; it is the incredible women and men of Talend who have helped build a leading platform and made this exciting transaction possible.
Talend is working with financial advisor Qatalyst Partners financial advisor and Wilson Sonsini Goodrich - Rosati, P.C. and Gide Loyrette Nouel A.A.R.P.I. are serving as legal counsel. Thoma Bravo is working with legal counsel Kirkland - Ellis, LLP.