Cybersecurity software provider Datto said on Monday it would be taken private by security software company Kaseya for $6.2 billion in an all-cash deal funded by a consortium led by private equity firm Insight Partners.
Register now for FREE unlimited access to Reuters.comsaid on Monday it would be taken private by security software company Kaseya for $6.2 billion in an all-cash deal funded by a consortium led by private equity firm Insight Partners.
The deal offers $35.50 per share in cash to Datto shareholders, a nearly 52% premium to the company's closing price on March 16 before aThe purchase by Kaseya, an IT management software maker backed by Insight Partners, is also supported by investments from TPG Capital , Sixth Street Partners and Singapore state investor Temasek.The take-private offer came less than two years since Vista Equity-backed Datto went public on the New York Stock Exchange in October 2020 at $27 per share.
Founded in 2007, Datto makes security and cloud-based software for managed service providers for small and medium-sized businesses. Vista Equity acquired Datto in 2017 and merged it with Autotask Corp.The deal is expected to close in the second half of the year.Reporting by Sohini Podder in Bengaluru and Krystal Hu in New York; Editing by Anil D'Silva, Aditya Soni and Leslie AdlerSign up to our tech newsletter to get the latest news and trends in the global technology industry.