Private equity firm Thoma Bravo on Monday agreed to buy software maker Anaplan in a deal valued at $10.7 billion. Anaplan stock surged on the buyout news.
Thoma Bravo will pay $66 per share in cash to acquire PLAN stock and take the company private. Further, that represents a 30% premium to its closing price of 50.59 on Friday.
Anaplan stock soared by 27.7% to close at 64.60 on the stock market today.
"Just a few days after (activist investors) Sachem Head and Corvex disclosed their stakes in Anaplan and desire to seek four board seats at the upcoming annual meeting, Anaplan has agreed to be taken private by Thoma Bravo," BMO Capital Markets analyst Daniel Jester said in a report to clients.
He added: "Anaplan was in a difficult situation attempting to re-accelerate growth with a breakeven margin and cash flow financial profile."
Anaplan Stock Up In 2022
Additionally, CEO Frank Calderoni will stay on, the company said.
San Francisco-based Anaplan competes in the financial planning market against Oracle, SAP and Workday. PLAN stock had gained 10% in 2022.
Thoma Bravo last year acquired cybersecurity firm Proofpoint in an all-cash $12.3 billion deal. Earlier, the private equity firm bought Imperva for $2.1 billion and Barracuda Networks for $1.6 billion.
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