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LONDON — British software program firm Blue Prism stated Tuesday it has agreed a deal to be taken over by personal fairness agency Vista Fairness Companions for £1.1 billion ($1.5 billion) in money.
Blue Prism, which focuses on 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 value of £8.32.
It is the most recent in a string of personal fairness offers for publicly-listed software program firms. Earlier this 12 months, safety agency Proofpoint agreed a $12.3 billion sale to Thoma Bravo, whereas Cloudera is being purchased by KKR and Clayton, Dubilier & Rice.
Blue Prism can be amongst a large number of British companies which have attracted curiosity from U.S. personal fairness traders. Grocery store chain Morrisons, infrastructure firm John Laing and aerospace agency 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 knowledge agency.
“Combining with Vista and TIBCO will guarantee we stay on the forefront of the following era of clever automation,” stated Jason Kingdon, chairman and CEO of Blue Prism.
“We are able to increase the vary of merchandise we provide our prospects, with TIBCO’s world footprint and applied sciences; and, as a privately owned firm, we may even have better entry to capital to pursue new development alternatives through product funding and different potential M&A.”
The worth for Blue Prism marks a significant low cost to U.S.-based rivals akin to UiPath, the New York-listed firm with a $28 billion market cap, and Automation Wherever, 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 personal fairness consumers.
“The Enterprise Worth of Blue Prism PLC is presently valued at roughly thrice ahead revenues – an 80% to 90% low cost to the corporate’s friends together with UiPath, Appian, WorkFusion, Automation Wherever, and so on.,” the letter from Coast Capital stated.
“Have been a purchaser to pay a premium of 100%, the share value would nonetheless be materially decrease than its intrinsic worth, and properly under the place the shares had been buying and selling as just lately as January 2021.”
– CNBC’s Elliot Smith contributed to this report.
https://www.cnbc.com/2021/09/28/blue-prism-agrees-1point5-billion-sale-to-private-equity-firm-vista.html | Blue Prism agrees $1.5 billion sale to non-public fairness agency Vista