The software company’s depressed valuation reflects concerns about gaps in its product portfolio and its distance from key clients and investors in the U.S., Rasteh said in August. The investment firm’s founder, James Rasteh, said the company’s management had now earned his trust. Some 23% of its shareholders have said they will back the deal, including Jupiter Investment Management and Lead Edge Capital Management, according to the statement.Īctivist investor Coast Capital, which owns just under 3% of Blue Prism, recently said it’s open to a private equity takeover of the company after initially opposing a sale. In February Dialog Semiconductor Plc was acquired by Japan’s Renesas Electronics Corp in a $5.6 billion deal, and in July Tencent Group acquired game developer Sumo Group Plc for $1.26 billion.īloomberg first reported details of the Blue Prism acquisition. The government has welcomed the trend as a sign of confidence in the country’s economic prospects, yet it’s also sowing concerns that promising growth industries are being stripped of their expertise and strategic autonomy. It’s the latest in a growing number of British companies being sold to overseas buyers as foreign investors take advantage of valuations depressed by the pandemic and Brexit. “This obviously creates a weak negotiating position to extract a high price.” “While investors will no doubt have hoped for more, we note that Blue Prism has lowered full-year 2021 revenue expectations,” Jefferies analysts wrote in a note. The deal barely claws back the value lost this year as Blue Prism’s shares fell by around a third, pulled lower by concerns over gaps in its portfolio and the cost of developing the products needed to keep the company competitive.īlue Prism’s shares fell as much as 3.3% to 1,150 pence in early trading Tuesday in London. 27, the last full trading day before takeover interest became public. The offer represents a premium of about 35% to Blue Prism’s closing price of 832 pence on Aug. Wall Street Titans Warn of the Next Big Risks for InvestorsĪn Unapologetic Old Boys’ Network Is Costing Australia Billionsīlue Prism recommended Vista’s bid of 1,125 pence a share in a statement Tuesday. This Is What Europe’s Green Future Looks Like Reshaped by Crisis, an ‘Anti-Biennial’ Reimagines Chicago tech company by a foreign buyer.Ĭhristmas at Risk as Supply Chain ‘Disaster’ Only Gets Worse Eventually, Coast Capital was in favor of the acquisition.(Bloomberg) - Private equity firm Vista Equity Partners is to acquire automation software developer Blue Prism Group Plc for about 1.1 billion pounds ($1.5 billion), in yet another takeover of a U.K. Blue Prism share value slipped 2.6% on Tuesday morning Copy link to sectionĪctivist investor Coast Capital owns close to a 3% stake in Blue Prism, was vocal about how the company will be valued. Also on the radar are companies like supermarket chain Morrisons, corporate infrastructure firm John Laing and aerospace group Cobham. The latest entrant in the sector is Blue Prism, a company that has attracted the attention of private equity investors in the U.S. In addition, KKR and Clayton, Dubilier & Rice have purchased Cloudera. Earlier this year, Thoma Bravo took over Proofpoint for $12.3 billion. There is a spike in private equity firms eying publicly-listed software companies. Spike in private equity firms eying publicly-listed software companies Copy link to section We can expand the range of products we offer our customers, with TIBCO’s global footprint and technologies and, as a privately owned company, we will also have greater access to capital to pursue new growth opportunities via product investment and other potential M&A. Jason Kingdon, chairman, and CEO of Blue Prism said:Ĭombining with Vista and TIBCO will ensure we remain at the forefront of the next generation of intelligent automation. After completing the formalities of the acquisition process, Vista stated that it is considering moving Blue Prism to TIBCO, an enterprise data group. Additionally, the purchasing company Vista will pay each shareholder a 35% premium against the company’s last closing price. Here’s how the deal was sealed Copy link to sectionīlue Prism specializes in software robots that perform repetitive tasks revealed how the deal was sealed. It is learned that Blue Prism is one of the companies that has recently caught the attention of U.S. The U.K.-based firm will be sold for $1.5 billion. The U.K.-based Blue Prism ( LON: PRSM), a software company, has agreed to a sale deal proposed by Vista Outdoor Inc ( NYSE: VSTO).
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