Everbridge Inc EVBG shares are trading higher Monday after the company entered into a definitive agreement to be acquired by Thoma Bravo.
What Happened: Critical event management company Everbridge is set to be acquired by software investment firm Thoma Bravo in an all-cash transaction valuing Everbridge at approximately $1.5 billion.
Everbridge shareholders will receive $28.60 per share in cash. Upon completion of the transaction, Everbridge will become a privately held company. The transaction is expected to help accelerate continued growth at the company.
“Over the last several years, we have expanded and evolved our business to support customers in an increasingly complex threat landscape. Thoma Bravo’s comprehensive experience in the risk, compliance, and safety sectors and commitment to fostering innovation will enable us to better help our customers keep people safe and their organizations running,” said David Wagner, president and CEO of Everbridge.
The agreement includes a 25-day “go-shop” period expiring on Feb. 29, in which Everbridge can consider alternative proposals. As of now, the transaction with Thoma Bravo is expected to close in the second quarter of 2024.
EVBG Price Action: Everbridge shares were up 18.2% at $28.12 at the time of publication, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
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