Vista Equity Partners acquires Active Network for USD1 billion
Private equity firm Vista Equity Partners said that it has completed on Friday its buyout of event software company Active Network and has taken the company private.
In a report by the San Diego Union Tribune, Vista Equity said that shareholders of Active Network sold nearly 57 million shares at USD14.50 per share by Thursday's deadline. The shares put up for sale accounted for 87% of the company's outstanding stock.
Active Network went public in 2011 with shares priced as USD15 apiece. The deal was valued at around USD1 billion, the report said.
San Diego Union Tribune said that Active Network had USD370 million in sales but failed to turn a profit, losing USD43 million last year. Its cash flow remained positive nonetheless. In 2012, Active Network registered a gross profit of USD38 million.
Vista Equity Partners was created in 2000. It has raised two funds totaling USD4.5 billion in the last two years and invested in companies including P2 Energy Solutions and BigMachines. Vista Equity operates from its offices in Austin, Chicago and San Francisco, San Diego Union Tribune said.
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