Keynote announced on Monday that it has closed the deal with Thoma Bravo to sell itself for an amount worth $395 million. Keynote stockholders are said to receive $20 per share in cash. The deal was approved by the company's board of directors. The transaction is expected to close before October begins.
Keynote, an online and mobile cloud monitoring and cloud testing provider, is based San Mateo, California.
Stockholders receiving the said amount of $20 for each share represent a premium pricing of approximately 48% beyond the company's end price last June 21.
Chief Executive Officer and Chairman of Keynote, Umang Gupta, noted on the buyout. He said, "For over a decade, Keynote has been focused on building a company to last and has established best-in-class offerings across all of our businesses: Internet cloud, mobile telecom and mobile enterprise."
"We believe becoming a private company will provide additional flexibility and better position us to strategically invest in our nascent mobile enterprise business, further our sales programs and accelerate the next stage of the company's growth and industry market leadership," he elaborated.
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