Cloudera to go private in $5.3b acquisition
Summary
“We believe that as a private company with the expertise and support of experienced investors such as CD&R and KKR, Cloudera will have the resources and flexibility to drive product-led growth and expand our addressable market opportunity.” Billionaire activist investor Carl Icahn’s Icahn Group holds about 18% of Cloudera’s common stock through various entities, which have signed an agreement to support the transaction. The following year, it combined with HortonWorks in a “merger of equals” transaction that valued the combined entity at $5.2 billion, betting that it would become a powerhouse company that would build the “first enterprise data cloud from the edge to AI.” Then in 2019, Icahn revealed that he had targeted Cloudera with the purchase of a major stake, which resulted in Icahn Group having two members on Cloudera’s board of directors. “We have followed the Cloudera story closely for a number of years and are pleased to be supporting its mission of helping companies make better use of their data in the ever-evolving hybrid IT environment,” said John Park, KKR partner and head of Americas Technology Private Equity. The two acquisitions mark an important milestone as Cloudera continues to execute its strategic plan to build a leader in the hybrid cloud space.” Bearden said that the buys will “Cloudera to usher in a new era of low-code, no-code self-service by automating complex operations – enabling our customers to focus on getting value from their data rather than configuring, operating and managing the underlying infrastructure. Due to the pending acquisition, Cloudera cancelled its scheduled quarterly call with investors to discuss the results and said it would not provide any financial guidance for the rest of the year.
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