Deal Flow
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Transaction tear sheetData as of Nov 7, 2026
M&A · Tech · Services-Prepackaged Software

Francisco Partners to acquire Sumo Logic, Inc.

Announced Feb 9, 2023 · Closed May 15, 2023

Deal value$1.70BEV $1.35B
Premium57.0%To unaffected price
EV / Adj. EBITDA—4.7x EV / Revenue
ConsiderationAll cash$12.05 per share

Transaction

Acquirer
Francisco Partners
Target
Sumo Logic, Inc. (SUMO)
Buyer type
Private equity
Offer price per share
$12.05
Enterprise value
$1.35B
Status
Closed May 15, 2023

Deal protections

Break fee (target pays)
$52.0M · 3.1%
Reverse fee (buyer pays)
—
Go-shop
No-shop
Financing
Committed · Morgan Stanley

Advisors

To the acquirer
RBC Capital Markets
To the target
Morgan Stanley
Morgan Stanley fee
$29.0M

Sector context · Tech

Comparable deals
67 in the prior 24 months
Premium
57.0% vs. 35.5% sector median
EV / Adj. EBITDA
Sector median 17.4x
Break fee
3.1% vs. 3.0% sector median

Timeline

  1. AnnouncedFeb 9, 2023
  2. Proxy filedMar 24, 2023
  3. Definitive proxyApr 5, 2023
  4. Shareholder voteMay 10, 2023
  5. ClosedMay 12, 2023

Valuation · fairness opinions

Discounted cash flow$8.60$12.45
Discounted cash flow$8.86$12.72
Analyst price targets$8.50$18.00
Analyst price targets$7.51$15.91
Offer $12.05

Implied value per Sumo Logic, Inc. share by analysis, from Morgan Stanley.

Sources
  • 8-K (EX-99.1) · Feb 9, 2023
  • DEFA14A · Feb 9, 2023
  • DEFA14A · Feb 9, 2023
  • 8-K (EX-99.1) · May 15, 2023

Adj. EBITDA is operating income + D&A + impairment, restructuring, deal costs and stock compensation, less any large gain on a sale, last twelve months, from the target's filings. Calculated by Castle, so it can differ from a bank's adjusted figure.

Prepared with Castle from public SEC EDGAR filings. Figures are extracted automatically; verify against the source documents. Not investment advice.