Tech-focused private-equity firm Vista Equity Partners struck a deal to take software company Apptio Inc. private for $1.94 billion, according to people familiar with the matter.
Under the agreement, Apptio APTI, -3.35% shareholders will get $38 a share, representing a 53% premium to Friday’s closing price of $24.85. The Wall Street Journal reported earlier Sunday that a deal was imminent.
The purchase price is below Apptio’s all-time closing high of $41.23, hit about two months ago. Its shares have fallen recently as part of a broader slide in technology stocks. In late October, Apptio reported third-quarter results that included weaker-than-expected billings, further pressuring its shares.
Apptio provides tools to help corporate tech buyers keep track of the software and services they use to better manage their costs. The Bellevue, Wash., company went public two years ago, raising about $96 million at $16 a share.
An expanded version of this report appears on WSJ.com.
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