TPG, Thoma Bravo Express Takeover Interest For This Cloud Application Provider
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Computer Software: Prepackaged Software
Technology
- Workiva Inc (NYSE:WK), a cloud application provider for reporting and compliance, attracted takeover interest from private equity firms.
- Thoma Bravo and TPG are among firms that have held financing discussions with direct lenders to support a potential transaction, Bloomberg reports.
- Workiva, led by CEO Martin Vanderploeg, had a market valuation of about $3.5 billion before reports of the takeover interest.
- In August, Workiva reported second-quarter revenue growth of 24.6% to $131.5 million, beating the consensus of $126.1 million. Non-GAAP EPS loss of $(0.17) beat the consensus loss of $(0.26).
- Subscription and support revenue contributed $113.4 million, up 24.3%. Professional services revenue was $18.2 million, an increase of 26.5%.
- Recently, Zendesk, Inc (NYSE:ZEN) shareholders approved a $10.2 billion planned acquisition of the software maker by a group of private equity firms led by Hellman & Friedman and Permira.
- In August, Vista Equity Partners agreed to acquire Avalara, Inc (NYSE:AVLR) in an all-cash transaction valued at $8.4 billion.
- Price Action: WK shares closed higher by 17.64% at $76.15 on Wednesday.