Software maker New Relic has agreed to be taken private by TPG and Francisco Partners in a $6.5 billion all-cash deal, the company said on Monday, sending its shares up 13.5%.
and Francisco Partners in a $6.5 billion all-cash deal, the company said on Monday, sending its shares up 13.5%.
The private equity firms have offered New Relic shareholders $87 per share held, representing a premium of 17.5% to the stock's closing price on Friday. New Relic's cloud-based software allows websites and mobile apps to monitor servers and databases, as well as to track user interactions, helping boost efficiency when firms are looking to stretch every dollar during the current economic uncertainty.
Its growth has slowed amid stiff competition from other Application Performance Monitoring providers such as Dynatrace
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