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London-British software company Blue prism It said on Tuesday that it had agreed to a deal for the private equity firm Vista Equity Partners for 1.1 billion pounds ($1.5 billion) in cash.
Blue Prism, a software robot that specializes in automating repetitive tasks, Said Vista will pay each shareholder 11.25 pounds per share, a 35% premium to the company’s final closing price of 8.32 pounds.
This is the latest in a series of private equity transactions for listed software companies.Earlier this year, the security company Proofpoint agreed to sell to Thoma Bravo for $12.3 billion. Cloud era Acquired by KKR and Clayton, Dubilier & Rice.
Blue Prism is also one of many British companies that have attracted the interest of US private equity investors.Supermarket chain MorrisonIn recent months, infrastructure company John Laing and aerospace company Cobham have both become targets of acquisition offers.
After the completion of the acquisition, Vista said it intends to indirectly transfer Blue Prism to TIBCO, a portfolio company, an enterprise data company.
“The combination with Vista and TIBCO will ensure that we are always at the forefront of the next generation of intelligent automation,” said Jason Kingdon, Chairman and CEO of Blue Prism.
“With TIBCO’s global footprint and technology, we can expand the range of products we provide to customers; moreover, as a private company, we will have more funding channels to seek new growth through product investment and other potential mergers and acquisitions. Chance.”
The price of Blue Prism represents a significant discount to American competitors, such as path, This New York-listed company with a market capitalization of 28 billion U.S. dollars, and Automation Anywhere, which was last privately valued at 6.8 billion U.S. dollars.
On Tuesday morning, Blue Prism’s stock price fell 2.6%.
Coastal Capital Express concern Regarding the valuation of the company under speculation that the company will be acquired by private equity buyers.
“The current valuation of Blue Prism PLC’s enterprise value is about three times the forward revenue-80% to 90% lower than its peers including UiPath, Appian, WorkFusion, Automation Anywhere,” Coast Capital’s letter said .
“If buyers pay a 100% premium, the stock price will still be much lower than its intrinsic value, and much lower than the most recent January 2021 stock price.”
-Elliot Smith of CNBC contributed to this report.