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Sizmek bought by tech equity firm Vector Capital for $122m

04.08.2016
Sizmek bought by tech equity firm Vector Capital for $122m

Global open ad management company Sizmek has entered into an agreement to be acquired by tech-focused equity firm Vector Capital.

Under the terms of the agreement, San Francisco-based Vector Capital, which has invested $1.6bn in more than 40 tech companies, will commence a tender offer to purchase any outstanding shares of Sizmek common stock for $3.90 per share, representing 65% premium of the company’s average trading price of $2.36.

Following this transaction, which is expected to close by the fourth quarter of 2016, Sizmek will become a privately owned company.

“We believe this transaction provides Sizmek with the resources and flexibility to execute upon our long term strategy of becoming the leading independent, global ad management platform,” said Sizmek chief executive and president Neil Nguyen.

“We are excited to partner with Vector and believe this transaction benefits our customers, employees, partners and shareholders.”

Vector Capital managing director Alex Beregovsky said he was enthusiastic to partner with Sizmek.

“We plan to invest in the company’s growth, to further strengthen its industry-leading open ad management platform, to launch adjacent product offerings as well as to support Sizmek with capital for acquisitions,” he concluded.


Source:
http://mandmglobal.com/sizmek-bought-by-tech-equity-firm-vector-capital-for-122m/