Shares of Apptio Inc.  (APTI) - Get Report surged more than 50% on Monday, Nov. 12, after the company said it had agreed to be bought by tech-focused private-equity firm Vista Equity Partners for $1.94 billion.

Under the agreement, Apptio shareholders will receive $38 in cash per share, representing a 53% premium to the unaffected closing price as of Friday, Nov. 9.

Shares of Apptio jumped 51.4% to $37.62. Apptio, whose products include cloud-based and hybrid business management software, was founded in 2007 and went public in September 2016 at $16 a share. The company's stock hit an all-time high of $41.36 on Sept. 14.

Apptio's board unanimously approved the deal and recommended shareholders vote in favor of it, though the agreement includes a 30 day "go-shop" period that allows Apptio's board and advisers to actively explore competing offers.

In an interview with Reuters, Apptio co-founder and CEO Sunny Gupta said the company had multiple offers from strategic and private investors before it agreed to go with Vista's offer. Gupta will remain Apptio's CEO. The company will remain headquartered in Bellevue, Washington.

Closing of the deal is subject to customary closing conditions, including the approval of Apptio shareholders and antitrust approval in the U.S. The transaction is expected to close in the first quarter of next year.

Vista, whose private-equity portfolio includes mostly software companies, invests exclusively in software, data and technology-enabled companies. The firm sold marketing software company Marketo to Adobe Inc. for $4.75 billion in September.