Aerial imagery company Nearmap Ltd said on Monday it agreed to an A$1.06 billion ($728.5 million) takeover offer from Thoma Bravo LP, becoming the latest technology firm that the US private equity firm has bet on in recent months.
The A$2.10-per-share offer received last month represented a premium of nearly 39% to the stock’s closing price on Aug 12, a day before the offer was disclosed.
Shares of Nearmap jumped 5.9% to A$2.08, hitting their highest level since November, 2021.
“The Board believes the proposed all-cash offer represents attractive value and provides an immediate opportunity for shareholders to realise certain value at a significant premium to the market,” Nearmap Chairman Peter James said.
Thoma Bravo did not immediately respond to a Reuters request for comment.
Nearmap’s shares have lost more than half their value since hitting a peak in 2019, making the firm an attractive target for US-based PE firms that have lately shown increased interest in discounted purchases Down Under.
Thoma Bravo, whose assets under management total more than $114 billion, has been on a shopping spree for cyber-security firms, with its acquisitions including Sophos, Proofpoint and Sailpoint Technologies.
Earlier this month, it signed a $2.4 billion deal for Ping Identity PING.N, yet another software company whose formerly high-flying valuation has tumbled in the last couple of years.
Britain’s Darktrace Plc DARK.L confirmed last week that it was in the early stages of discussions with Thoma Bravo regarding a possible cash offer.
Nearmap, whose offerings are used in surveillance, conducts aerial surveys that capture wide-scale urban areas in Australia, New Zealand, United States and Canada.
The company is currently involved in a patent infringement litigation with U.S.-based rival EagleView.
Nearmap’s board unanimously recommended that its shareholders vote in favour of the deal at a scheme meeting expected to be held in November.
Reuters