==Zuora (ZUO) to be acquired by Silver Lake and GIC for $1.7 billion

(Reuters) - Billing software firm Zuora said on Thursday it has agreed to be acquired by buyout firm Silver Lake and Singaporean wealth fund GIC in a deal valued at $1.7 billion.

Silver Lake and GIC will acquire all outstanding shares of Zuora's common stock at $10 apiece in cash, which represents a premium of 6.2% to its last close.

The offer price is an 18% premium to the closing price on April 16, the last trading day before Reuters first reported Zuora was exploring options after it had received acquisition interest from potential suitors.

Zuora will become a privately held company after the transaction is closed, which is expected in the first quarter of 2025, it said.

The company, founded in 2007, offers billing software and other subscription management tools to enterprise customers, which include cloud computing firm Nutanix and Siemens Healthineers.

Zuora founder and CEO Tien Tzuo will continue to lead the company, which will maintain its headquarters in Redwood City.

Qatalyst Partners is serving as financial adviser to the company's special committee consisting of independent directors of the board and Foros is serving as Zuora's financial adviser.

Zuora had said earlier this year it planned to lay off about 8% of its workforce as part of a broader company-wide cost-cutting drive.

 

About Silver Lake

Silver Lake is a global technology investment firm, with more than $104 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate nearly $243 billion of revenue annually and employ approximately 453,000 people globally.

About GIC

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Its long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit www.gic.com.sg.