Thoma Bravo to take internet monitor private

The 30-year-old private equity firm will buy Keynote for $395m, with shareholders receiving 48% premium over Friday’s closing price.

Thoma Bravo will acquire Keynote, an internet and mobile cloud testing and monitoring company, for $395 million, according to a statement from the firm.
 
Keynote, which has been listed on the NASDAQ, will give its stockholders $20 per share in cash, which is close to a 48 percent premium over Keynote’s closing share price on Friday, the statement read.

Thoma Bravo declined to comment.
 
The transaction is expected to close on 30 September, but is subject to regulatory approvals and the approval of Keynote shareholders, according to the statement. Keynote’s senior management will remain with the company and its headquarters will continue to be in San Mateo, California. It is unclear how many of the company’s other 275 offices will remain open.
 
Keynote collects more than 700 million mobile and Web performance measurements each day through its three product platforms: Keynote Perspective, DeviceAnywhere, and quality of service tester, SIGOS. The company’s key customers include Google, Microsoft, T-Mobile and eBay, according to the statement.
 
Thoma Bravo focuses on investing in financial and business services and infrastructure companies. Its funds represent nearly $4 billion of equity commitments, according to the statement.

In 2012, Thoma Bravo completed four take-private transactions. In November, the firm acquired Mediware Information Systems, a clinical software solutions company. The transaction was valued at $195 million, according to Thoma Bravo’s website.
 
The firm took another software company, Deltek, private for $1.1 billion, a month earlier. The transaction value was $13 per share, representing a 24 percent premium over the company’s 11 June stock price, Private Equity International reported earlier.