K1 Investment Management to buy ELMO Software in $319m deal – report | AltAssets Private Equity News
Summary
The firm has acquired the shares at AUD 4.85 ($3.13), which is a 100.4% premium to the closing share price on October 12, which was the day before ELMO announced interest in a takeover, according to a report from Reuters. Click to sign up to AltAssets’ free daily PE newsletter ELMO chief executive Danny Lessem, who owns 11% of the company’s stock, backed the deal and will tip 70% of his investment into a K1 vehicle, instead of receiving cash. Reuters claims K1 beat other investment firms to the deal, including Accel-KKR, which had been circling the company for a few months. ELMO Software is a cloud-based solution that helps companies in Australia, New Zealand and the UK to manage people, processes and pay. Its mission is to build technology accessible to all workplaces, and provides clients with payroll, onboarding, recruitment, HR core, performance management and learning management tools.
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