TIBCO Software, a provider of infrastructure and business intelligence software, has entered into an agreement to be acquired by Vista Equity Partners for $24 per share in cash, or a total of approximately $4.3 billion, including the assumption of net debt. The total enterprise value of the transaction represents more than 18 times TIBCO’s EBITDA for the 12 months ending August 31, 2014.
“We look forward to working with the talented management team and employees to accelerate TIBCO’s growth and strengthen its leadership as a complete fast data platform,” said Robert Smith, Chairman and CEO of Vista Equity Partners. “We worked hard to make this deal happen because we understand the tremendous value that TIBCO can bring to its customers and the marketplace as a private company. We are incredibly excited to help TIBCO reach its full potential.”
TIBCO Software (NASDAQ: TIBX) is a provider of infrastructure and business intelligence software that is used to manage information, decisions, processes and applications in real-time. Customers have included Yahoo!, NASDAQ, Charles Schwab, Oracle, Major League Baseball, Golden State Warriors and Reliance Industries. The company has more than 4,000 customers and is headquartered in Palo Alto with additional offices in North America, Europe, Asia, the Middle East, Africa and South America (www.tibco.com).
Vista Equity Partners has more than $13 billion in committed capital and makes equity investments in enterprise software businesses and technology-enabled services companies. The firm was founded in 2000 and has over 50 investment professionals operating out of San Francisco, Chicago and Austin (www.vistaequitypartners.com).
There are no financing conditions associated with the proposed agreement. JPMorgan Securities and Jefferies Finance have provided committed debt financing to Vista in connection with the transaction.
BofA Merrill Lynch, Deutsche Bank Securities, Jefferies, JPMorgan Securities and Union Square Advisors are serving as financial advisors, and Kirkland & Ellis is serving as legal advisor to Vista.
Goldman, Sachs & Co. is serving as financial advisor, and Wilson Sonsini Goodrich & Rosati is serving as legal advisor to TIBCO.
2014 PEPD • Private Equity’s Leading News Magazine • 9-29-14
