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Old 05-31-2016, 04:18 PM
sdoha sdoha is offline
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Default MARKETO INC(MKTO) is going to be bought by Vista Equity Partners

Marketo, Inc. (NASDAQ: MKTO) revealed that it reached a definitive deal to be acquired by Vista Equity Partners for $35.25 a share, representing 64 percent premium to the unaffected price as of May 9. According to the company, the terms of this all-cash deal provided substantial value to its shareholders. Vista would be spending about $1.79 billion to buy all outstanding shares of Marketo. The companies expect the transaction to be completed in the third quarter of the current year.

Marketo chairman and CEO, Phil Fernandez, commented about the deal saying, "After careful consideration and deliberation, our Board of Directors unanimously concluded that the sale of Marketo to Vista Equity Partners was in the best interest of Marketo and its shareholders. The acquisition will allow Marketo to continue to focus on customer success and to remain the independent category leader, continuing to set the agenda for product innovation and thought leadership for the entire digital marketing industry. It will also enable us to successfully deliver on the bold vision we recently set forth to give tomorrow's marketers and the C-suite an ultra-high-scale enterprise platform for customer engagement."

Similarly, co-founder of Vista Equity Partners, said, "Marketo is the clear leader in the marketing automation space and has consistently delivered innovative mission critical products to its more than 4,600 customers. Given our proven track record and focus on investing in high-growth SaaS platforms, we are thrilled to partner with Phil and the broader Marketo team to help the company accelerate innovation, growth, and excellence."

Marketo indicated its headquarters would remain in San Mateo. The company clarified that closing of the deal was subject to customary closing conditions. Morgan Stanley served as financial advisor to Marketo, and Wilson Sonsini Goodrich & Rosati as legal advisor.

On Tuesday, the stock traded 8.98 percent higher.
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