Shares of the Farmington, Utah-based Pluralsight were climbing 5.1% to $19.94 in premarket trading Monday.
Under the terms of the agreement, Pluralsight shareholders will receive $20.26 in cash for each share of common stock they own.
The transaction is expected to close in the first half of 2021. The acquisition was approved and recommended by an independent transaction committee and approved by Pluralsight's board.
Once the transaction is completed, Pluralsight will become a privately held company and its shares will no longer be listed on any public market.
"We have seen firsthand that the demand for skilled software engineers continues to outstrip supply, and we expect this trend to persist as we move into a hybrid online-offline world across all industries and interactions, with business leaders recognizing that technological innovation is critical to business success,” Monti Saroya, co-head of the Vista Flagship Fund and senior managing director at Vista Equity, said in a statement.
Through its platform, Saroya said, "Pluralsight enables these leaders to improve productivity and provide career pathing opportunities across their IT workforces.”
Vista Equity is a pioneer in software investing and manages more than $73 billion in assets, according to The Wall Street Journal.
Vista Equity and other private-equity firms have been focusing on business-software providers and the coronavirus pandemic has increased interest in companies whose offerings make it easier to reach employees and students remotely.
In March, Vista rival Thoma Bravo LP took education-software company Instructure private in a roughly $2 billion deal, the Journal reported.