M&A · Tech · Services-Computer Programming, Data Processing, Etc.
Vista Equity Partners to acquire Model N, Inc.
Announced Apr 8, 2024 · Closed Jun 27, 2024
Deal value$1.25BEV $1.15B
Premium11.0%To unaffected price
EV / Adj. EBITDA—4.5x EV / Revenue
ConsiderationAll cash$30.00 per share
Transaction
- Acquirer
- Vista Equity Partners
- Target
- Model N, Inc. (MODN)
- Buyer type
- Private equity
- Offer price per share
- $30.00
- Enterprise value
- $1.15B
- Status
- Closed Jun 27, 2024
Deal protections
- Break fee (target pays)
- $43.2M · 3.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- William Blair
- To the target
- Jefferies
Sector context · Tech
- Comparable deals
- 55 in the prior 24 months
- Premium
- 11.0% vs. 46.2% sector median
- EV / Adj. EBITDA
- Sector median 16.7x
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedApr 8, 2024
- Proxy filedMay 3, 2024
- Definitive proxyMay 15, 2024
- Shareholder voteJun 25, 2024
- ClosedJun 27, 2024
Valuation · fairness opinions
Trading comparables$25.81$38.37
Trading comparables$24.85$38.67
Trading comparables$19.12$29.83
Trading comparables$19.08$34.29
Precedent transactions$18.50$36.49
Offer $30.00
Implied value per Model N, Inc. share by analysis, from Jefferies.