Sept 30 Event management software maker Active
Network Inc will be acquired by private equity firm
Vista Equity Partners in a deal valued at about $904 million, a
little more than two years after it went public.
Vista Equity will make a tender offer of $14.50 per share,
representing a 27.2 percent premium to Active Network's Friday
The stock was trading at $14.39 before the bell.
The company, whose customers include Cisco Systems Inc
, IBM Corp, Starbucks Corp and audio
company Bose Corp, has not made an annual profit in its 15 years
Active Network's software helps users reserve campsites,
sign up for marathons and buy fishing or hunting licenses. The
company gets most of its revenue from registration and
reservation fees paid by participants.
Walt Disney Co holds a 10 percent stake in Active
Network and IAC/InterActivecorp owns 7.4 percent.
Active Network had 61.68 million shares outstanding as of
May 15, according to the company's latest filing.
Vista Equity, which invests mainly in software companies and
has about $7 billion in capital commitments, has acquired three
other companies this year.
It bought security software vendor Websense Inc for
$907 million in May and acquired chipmaker Qualcomm Inc's
fleet management software unit, Omnitracs Inc, for
about $800 million in August.
It offered to take medical software provider Greenway
Medical Technologies Inc private for $644 million last
Active Network is being advised by Citi, while BofA Merrill
Lynch is the financial adviser to Vista Equity.
BofA Merrill Lynch, RBC Capital Markets, and BMO Capital
Markets Corp will provide debt financing for the deal.