Canada's Absolute Software to be bought by Crosspoint Capital for $657 mln
Technology
Canada's Absolute Software to be bought by Crosspoint Capital for $657 mln
(Reuters) - Canada's Absolute Software (ABST.TO) said on Thursday it had agreed to be taken private by Crosspoint Capital Partners for $657 million, extending a recent trend of private equity firms snapping up cybersecurity providers.
Shareholders of Absolute Software will receive $11.5 per share in cash, representing a premium of 34% to the U.S.-listed stock's last close, the company said.
The U.S.-listed shares rose to $11.29 in trading before the bell.
Shareholders are set to vote on the acquisition, valued at $870 million including debt, at a special meeting expected to be held in late June.
Crosspoint Capital, which has invested in McAfee and Forescout, focuses on cyber-security, privacy and infrastructure software sectors.
Peer Thoma Bravo has agreed to acquire Magnet Forensics, ForgeRock (FORG.N) over the past few months, taking advantage of a drop in valuations.
