Sept 30 (Reuters) - Event management software maker ActiveNetwork Inc will be acquired by private equity firmVista Equity Partners in a deal valued at about $904 million, alittle more than two years after it went public.
Vista Equity will make a tender offer of $14.50 per share,representing a 27.2 percent premium to Active Network's Fridayclosing.
The stock was trading at $14.39 before the bell.
The company, whose customers include Cisco Systems Inc, IBM Corp, Starbucks Corp and audiocompany Bose Corp, has not made an annual profit in its 15 yearsof existence.
Active Network's software helps users reserve campsites,sign up for marathons and buy fishing or hunting licenses. Thecompany gets most of its revenue from registration andreservation fees paid by participants.
Walt Disney Co holds a 10 percent stake in ActiveNetwork and IAC/InterActivecorp owns 7.4 percent.
Active Network had 61.68 million shares outstanding as ofMay 15, according to the company's latest filing.
Vista Equity, which invests mainly in software companies andhas about $7 billion in capital commitments, has acquired threeother companies this year.
It bought security software vendor Websense Inc for$907 million in May and acquired chipmaker Qualcomm Inc's fleet management software unit, Omnitracs Inc, forabout $800 million in August.
It offered to take medical software provider GreenwayMedical Technologies Inc private for $644 million lastweek.
Active Network is being advised by Citi, while BofA MerrillLynch is the financial adviser to Vista Equity.
BofA Merrill Lynch, RBC Capital Markets, and BMO CapitalMarkets Corp will provide debt financing for the deal.
- Investment & Company Information
- Vista Equity Partners
- private equity firm
- Event management software