TPG, Francisco to take software firm New Relic private in $6.5 bln deal
Summary
July 31 (Reuters) - New Relic (NEWR.N) said it has agreed to be taken private by TPG (TPG.O) and Francisco Partners in a $6.5 billion all-cash deal amid stiff competition in the application performance monitoring space from rival software companies Datadog and Dynatrace. New Relics shares rose about 13% to $83.85 on Monday following the deal involving the private equity firms. That represented a premium of 15% to the stocks closing price on May 16, a day before media reports of a potential deal. New Relics cloud-based software allows websites and mobile apps to monitor servers and databases, as well as to track user interactions, helping boost efficiency at a time when firms are looking to stretch every dollar. Reporting by Akash Sriram and Zaheer Kachwala in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta
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