Coupa Software Inc COUP shares are trading higher Monday after the company announced it will be acquired by Thoma Bravo for $8 billion. Coupa also reported its third-quarter financial results.
What Happened: Coupa entered into a definitive agreement to be acquired by Thoma Bravo in an all-cash transaction with an enterprise value of $8 billion. Under the terms of the agreement, Coupa shareholders will receive $81 per share in cash.
The transaction is expected to close in the first half of 2023. Upon completion, Coupa will become a privately held company.
What Else: Coupa reported third-quarter revenue of $217.3 million, which beat average analyst estimates of $213.33 million, according to Benzinga Pro. The company reported third-quarter earnings of 15 cents per share, which beat estimates of 10 cents per share.
Coupa is a cloud-based provider of business spending management solutions.
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COUP Price Action: Coupa has a 52-week high of $166.21 and a 52-week low of $40.30.
The stock was up 26.9% at $78.76 at time of publication, according to Benzinga Pro.
Photo: Innova Labs from Pixabay.
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