Unified IT management and security software provider, Kaseya announced that the company has entered into a definitive agreement to acquire Datto, a global security and cloud-based software solutions provider. An equity consortium led by Insight Partners will fund the all-cash transaction, with significant investment from TPG and Temasek, and participation from notable investors including Sixth Street.
$35.50 per share
According to the terms of the agreement, Datto stockholders will receive $35.50 per share. The transaction values the company at approximately $6.2 billion. The offer represents a 52% premium to Datto’s unaffected stock price of $23.37 as of March 16, 2022. This deal also represents a 48% premium to the unaffected 30-day volume-weighted average price of Datto stock for the period ending March 16, 2022.
The transaction is expected to close in the second half of 2022. The transaction is subject to the satisfaction of customary closing conditions, including the receipt of applicable regulatory approvals. In addition to unanimous board approval, shareholders holding in aggregate approximately 70% of the issued and outstanding shares of common stock of Datto have approved the transaction by written consent. When the transaction is completed, Datto’s common stock will no longer be listed on the New York Stock Exchange. Fred Voccola, CEO of Kaseya said,
« This is exciting news for Kaseya’s global customers, who can expect to see more functional, innovative and integrated solutions as a result of the purchase. Datto has a legendary commitment to its customers and employees. The alignment of our missions and focus makes us a natural fit, that will help our greatly appreciated customers reach new levels of success.” Continued Voccola, “Kaseya is known for our outstanding track record of retaining the brands and cultures of the companies we acquire and supercharging product quality. We couldn’t be more excited about what lies before us, Kaseya and Datto will be better together to serve our customers. »