Deltek, Inc. (Nasdaq: PROJ), the leading global provider of enterprise software and information solutions for professional services firms and government contractors, today announced that it has entered into a definitive agreement under which Deltek will be acquired by leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $1.1 billion. Pursuant to the agreement, Deltek’s stockholders will receive $13 in cash for each share of Deltek stock when the transaction closes. The $13 per share offer price represents a 7% discount to Deltek’s stock price on August 24, 2012 and a 24% premium over Deltek’s stock price on June 11, 2012 – the day before Deltek broadly disseminated information on the sales process to interested parties and their respective advisors on a confidential basis. The offer price also represents a 14.6x multiple of enterprise value to Deltek’s trailing twelve months Adjusted EBITDA as of June 30, 2012. Deltek’s Board of Directors unanimously approved the definitive agreement for Deltek to be acquired by Thoma Bravo. Deltek’s largest shareholder, New Mountain Capital, has consented in favor of the acquisition. “Over the past seven years, we have successfully executed our long term plans for Deltek to enter new markets, grow internationally, and expand our industry-leading solutions for project-based companies,” said Kevin Parker, Deltek’s president, CEO and Chairman of the Board. “Throughout our journey, New Mountain Capital gave us outstanding support and was instrumental in building the Deltek of today. We’re very excited about the opportunity to continue Deltek’s successful journey in partnership with Thoma Bravo. We’re extremely proud of this transaction and what it says about the strength of Deltek and the tremendous accomplishments of our people. This deal with Thoma Bravo delivers significant value to all of our existing shareholders and gives us a partner that is committed to Deltek’s mission of being the industry standard solutions provider to project-based businesses worldwide.”
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