Vector Capital has closed its roughly $400 million buy of Saba Software. Vector’s buy of Saba, a Redwood Shores, Calif.-based cloud computing firm, was announced in February.
REDWOOD SHORES, Calif. & SAN FRANCISCO–(BUSINESS WIRE)–Saba and Vector Capital announced today that affiliates of Vector Capital have successfully completed the acquisition of Saba, a global leader in cloud-based intelligent talent management solutions. Under the terms of the merger agreement adopted by Saba stockholders on March 26, 2015, Saba stockholders will receive $9.00 per share in cash, which equates to an enterprise value of approximately $400 million.
“We are very pleased to announce the completion of the acquisition of Saba,” said David Fishman, Managing Director and Head of the Private Equity Team at Vector Capital. “We are excited to deliver value to Saba’s impressive customer base and further invest in the leading cloud talent management platform. We look forward to working with Saba’s talented management team and employees to grow the business organically and through strategic acquisitions.”
Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker. Stockholders who hold certificates can exchange their certificates for $9.00 per share in cash, without interest, through the payment agent, Computershare. Computershare will be mailing out instructions to registered stockholders regarding specific actions they will need to take to exchange their shares for the cash consideration and may be reached at (855) 396-2084.
Saba (OTCPink: SABA) delivers a cloud-based intelligent talent management solution used by leading organizations worldwide to hire, develop, engage and inspire their people. With machine learning at its core, intelligent talent management offers proactive, personalized recommendations on candidates, connections and content to help employees and organizations lead and succeed. Saba Cloud is a purpose-built, highly scalable platform that exceeds industry security and reliability standards. Saba has more than 31 million users and 2,200 customers across 195 countries and 37 languages. Learn more about intelligent talent management at www.saba.com.
About Vector Capital
Vector Capital is a leading global private equity firm with over $2.5 billion under management specializing in transformational investments in established technology businesses. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers and shareholders. Among Vector’s notable investments are Aladdin Knowledge Systems, Allegro Development, Cambium Networks, Certara, ChyronHego, CollabNet, Corel, IPVALUE Management, LANDesk Software, Niku, Gerber Scientific, RAE Systems, Register.com, Saba, SafeNet, Technicolor, Teletrac, Tidel, Triton Digital, WatchGuard Technologies, and WinZip. For more information, please visitwww.vectorcapital.com.