Kaseya, a leading provider of IT management and security software, has announced that they have entered into a definitive agreement with cloud-based software firm Datto to purchase Datto (MSP) for $6.2 billion through an all-cash deal. The transaction, which was a sale from Vista Equity Partners which owned 69 percent of Datto, was funded by an equity consortium led by Insight Partners, with investments from TPG, Temasek and Sixth Street.
Datto’s stock jumped into record territory after the $6.2 billion cash deal as its shares shot up 20% into records in premarket trading Monday. As per the agreement, Datto stockholders are set to receive a 52% premium in exchange for their shares, at the valuation of about $6.2 billion dollars as of March 16th, 2022.
The proposed acquisition is still under review with all required regulatory approvals, but it’s expected that the deal will close later in 2022. The two companies are going to operate completely independently until then.
Along with the unanimous approval from board members, shareholders holding an aggregate of 70% of the issued and outstanding shares of Datto have given written consent to approve the transaction. After the transaction is complete, it’s expected that Datto will be delisted from the New York Stock Exchange.
“Datto has always been committed to creating world-class technology for SMBs and delivering it through our global network of MSPs to align our growth with the channel. Combining with Kaseya brings together a broader array of technology products to create additional opportunities for MSPs,” said Tim Weller, CEO of Datto.
“This is exciting news for Kaseya’s global customers, who can expect to see more functional, innovative and integrated solutions as a result of the purchase,” said Fred Voccola, CEO of Miami-based Kaseya. “Datto has a legendary commitment to its customers and employees. The alignment of our missions and focus makes us a natural fit that will help our greatly appreciated customers reach new levels of success.”
Read next: BitNinja will now support VzLinux, aims to offer advanced security services