® (NASDAQ:KEYN), the
global leader in Internet and mobile cloud testing & monitoring
, announced it has entered into a definitive agreement to be acquired by an affiliate of leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $395 million. Under the terms of the agreement, pending shareholder approval, Keynote stockholders will receive $20.00 in cash for each share of Keynote common stock. This represents an approximately 48% premium over the company's closing price on June 21, 2013.
“For over a decade, Keynote has been focused on building a company to last and has established best-in-class offerings across all of our businesses: Internet cloud, mobile telecom and mobile enterprise,” said Umang Gupta, Chairman and CEO of Keynote. “We believe becoming a private company will provide additional flexibility and better position us to strategically invest in our nascent mobile enterprise business, further our sales programs and accelerate the next stage of the company’s growth and industry market leadership.”
“Our board of directors is pleased to sign an agreement that provides stockholders with immediate and substantial cash value, as well as an attractive premium to our share price. We look forward to working closely with Thoma Bravo and all parties to complete this transaction,” concluded Gupta.
“Keynote is the established leader in the internet and mobile testing & monitoring market and is currently at the forefront of a very compelling macro environment,” said Orlando Bravo, managing partner at Thoma Bravo. “The increasing complexity of websites combined with the proliferation of mobile devices is creating new markets for the company’s enterprise business, while the real-time shift to 4G and LTE networks will continue to benefit its mobile telecom business. Thoma Bravo is excited to partner with Keynote to accelerate the growth of the company through our proven buy-and-build strategy.”