8/19/2023 0 Comments Vista blue prismThe investment firm’s founder, James Rasteh, said the company’s management had now earned his trust. One of its independent directors, Murray Rode, was previously a longtime member of Tibco Software’s management and served as its chief executive after its purchase by Vista.Īctivist investor Coast Capital, which owns just under 3 percent of Blue Prism, recently said it’s open to a private equity takeover of the company after initially opposing a sale. headquarters and invest in research and development, people familiar with the matter said. Vista aims to combine Blue Prism with existing portfolio company Tibco Software Inc., which it acquired in 2014. Some 23 percent of its shareholders have said they will back the deal, including Jupiter Investment Management and Lead Edge Capital Management, according to the statement.īlue Prism said in late August that it was in discussions with Vista and another private equity firm, TPG, about possible offers for the company. It is the latest in a growing number of British companies being sold to overseas buyers as foreign investors take advantage of valuations depressed by the pandemic and Brexit.īloomberg first reported details of the Blue Prism acquisition. The deal barely claws back the value lost this year as Blue Prism’s shares fell by around a third, pulled lower by concerns over gaps in its portfolio and the cost of developing the products needed to keep the company competitive. The offer represents a premium of about 35 percent to Blue Prism’s closing price of £0.83 (US$1.13) on August 27, the last full trading day before takeover interest became public. tech company by a foreign buyer.īlue Prism recommended Vista’s bid of £1.125 (US$1.53) a share in a statement Tuesday. Goldman Sachs acted as financial adviser to TIBCO and Qatalyst Partners advised Blue Prism on the financial terms of the deal.Bloomberg | Private equity firm Vista Equity Partners (Vista) is to acquire automation software developer Blue Prism Group Plc., for about £1.1 billion (US$1.5 billion), in yet another takeover of a U.K. "Combining with Vista and TIBCO will ensure we remain at the forefront of the next generation of intelligent automation," he added.īlue Prism had been considering a sale after shareholders encouraged the board to do so following demands to restructure the company's management.īlue Prism said it plans to separate the chairman and chief executive role and that it has started looking for a new CEO. "Blue Prism has become a leading player in the RPA sector since it was founded in 2001, when it first pioneered the technology," Blue Prism Chairman and CEO Jason Kingdon said. Vista, with more than $81 billion in assets under management as of the end of June, plans to combine Blue Prism with its infrastructure and business intelligence software company TIBCO, which it took private in 2014 for about $4.3 billion. Blue Prism's intelligent automation technologies allow software robots to integrate with advanced technologies like artificial intelligence and machine learning. RPA software emulates human actions, particularly repetitive tasks and is used in many industries. Vista, announcing the agreed deal in a joint statement with Blue Prism, said it views the acquisition as "an exciting and transformational moment for the growth of enterprise-grade Intelligent Automation and Robotic Process Automation (RPA)." Jefferies analysts said that as Blue Prism also downgraded its 2021 revenue outlook on Tuesday, that "obviously creates a weak negotiating position to extract a high price."īlue Prism becomes the latest British takeover target by a private equity firm, a trend driven by cheap UK valuations following Brexit and the pandemic. Shares in the London-listed firm, which had been in talks with Vista as well as TPG Capital over a possible offer, were down 3% at 1,153 pence in early trade after news of the deal, indicating that investors were hoping for a higher price. private equity firm Vista Equity is to buy British software firm Blue Prism (PRSMB.L) for 1.1 billion pounds ($1.50 billion) in a bid to grow its automation technology portfolio.īlue Prism, whose customers include automaker Daimler (DAIGn.DE), e-commerce firm eBay (EBAY.O) and Britain's NHS, said it plans to recommend that shareholders vote in favour of the 1,125 pence-per-share bid announced on Tuesday, calling the terms "fair and reasonable". Deal is latest private equity takeover of a UK company.Blue Prism shares fall 3%, indicating investors hope for higher offer.Blue Prism to recommend deal to shareholders.
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