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Thursday, 12 February 2015
Cheyney Group Accounting Software Review: Saba Software to Be Taken Private
Saba Software, a troubled
cloud-computing firm based in Silicon Valley, has agreed to be taken private by
Vector Capital for about $300 million.
a private equity firm that had previously provided a loan to Saba, will pay $9
a share for Saba, which was delisted from the Nasdaq in 2013
and is currently traded over the counter. Including debt, the deal is valued at
about $400 million.
offer price was just below Saba’s share price until Tuesday afternoon, when
trading in Saba shares picked up and leveled off at $9 a share.
was delisted from the Nasdaq after it was forced to restate earnings following
an accounting fraud scandal. Also on Tuesday, two former chief financial
officers of Saba agreed to return nearly a half million dollars in bonuses and
profits from stock sales that they received while the company was said to be
the course of Saba’s comprehensive review, the board of directors and our
advisers evaluated a wide range of strategic alternatives, and engaged with a
number of parties,” said Bill Russell, Saba’s nonexecutive
chairman. “We are pleased to have reached this agreement with Vector, which
provides significant cash value for our shareholders.”
makes cloud-based software that helps companies with hiring and talent
a firm that specializes in technology, has in the past also invested in WinZip,
LANDesk Software and Register.com. Vector recently sold SafeNet to Gemalto
for nearly $900 million.
along with some of the world’s premier financial institutions and investors, is
excited to help Saba move beyond its financial restatement process and put the
focus squarely on the company’s innovative cloud talent-management platform and
its blue-chip customer base,” said David Fishman, head of private equity at
received financial advice from Morgan Stanley and legal
advice from Morrison & Foerster. Shearman & Sterling provided legal
advice to Vector.