Software investment firm Thoma Bravo has signed an agreement to acquire Everbridge (Nasdaq: EVBG), a critical event management and national public warning systems provider, for approximately $1.5 billion, or $28.60 in cash per share.
The agreement includes a “go-shop” period, allowing Everbridge’s board of directors and advisers to solicit alternative acquisition offers through Feb. 29, according to a joint release published Monday.
Everbridge’s board approved the all-cash transaction, which is expected to conclude in the second quarter of 2024, subject to approval by Everbridge shareholders, regulatory clearances and other customary closing conditions.
Everbridge supports federal, state and local government agencies and enterprises across manufacturing, financial services, energy and gas, education and transportation industries through its software-as-a-service products that provide information technology incident management, mass notification, physical security information management, risk intelligence and travel risk management capabilities.
David Wagner, president and CEO of Everbridge, said the transaction will mark a key moment for the company in support of its mission to provide organizations with the tools they need to navigate critical events.
“Over the last several years, we have expanded and evolved our business to support customers in an increasingly complex threat landscape. Thoma Bravo’s comprehensive experience in the risk, compliance, and safety sectors and commitment to fostering innovation will enable us to better help our customers keep people safe and their organizations running,” added Wagner.
Upon the deal’s closing, Everbridge will stop trading on the stock exchange and transition into a privately held company while continue operating under the same name and brand.
“We look forward to working with Everbridge to expand their ability to capitalize on opportunities in an expanding marketplace for risk, compliance, and safety solutions,” said Hudson Smith, partner at Thoma Bravo.
The per share acquisition price reflects a 32 percent premium to Everbridge’s volume-weighted average share price in the last 90 days.
Qatalyst Partners and Cooley serve as financial adviser and legal counsel, respectively, to Everbridge. Thoma Bravo’s legal counsel in the transaction is Kirkland & Ellis.
