Latest news with #DominicAng
The Star
22-04-2025
- Automotive
- The Star
Viper Niza team survive scares at Spa to finish on podium
Solid race: (From left): Dominic Ang, Douglas Khoo and Melvin Moh posing with their prizes at the Michelin 12 Hours of Spa Francorchamps in Belgium.
TECHx
11-02-2025
- Business
- TECHx
SolarWinds to Be Acquired by Turn/River Capital for $4.4 Billion - TECHx Media SolarWinds to Be Acquired by Turn/River Capital for $4.4 Billion
SolarWinds to Be Acquired by Turn/River Capital for $4.4 Billion News Desk - Share SolarWinds Corporation (NYSE: SWI), a provider of observability and IT management software, has announced a definitive agreement to be acquired by Turn/River Capital in an all-cash transaction valued at approximately $4.4 billion. SolarWinds shareholders will receive $18.50 per share, representing a 35% premium to the company's 90-day volume-weighted average closing price as of February 6, 2025. SolarWinds President and CEO Sudhakar Ramakrishna stated that the company remains committed to delivering innovative IT management solutions, emphasizing that the partnership with Turn/River Capital will enhance operational resilience offerings on the SolarWinds Platform. He highlighted SolarWinds' leadership in observability, monitoring, and service desk solutions and expressed confidence that the acquisition will further drive customer success. Turn/River Capital Founder and Managing Partner Dominic Ang praised SolarWinds for its strong industry presence and history of innovation, stating that the firm is excited to support its next phase of growth. He emphasized that SolarWinds' commitment to solving customer challenges has driven its long-term success, and this partnership will help accelerate further advancements in IT management solutions. The acquisition has been unanimously approved by SolarWinds' Board of Directors and is expected to close in the second quarter of 2025, pending regulatory approvals and customary closing conditions. Majority shareholders Thoma Bravo and Silver Lake, holding approximately 65% of SolarWinds' outstanding voting securities, have approved the transaction through written consent, eliminating the need for additional shareholder approval. Upon completion, SolarWinds will become a privately held company and will no longer be listed on the New York Stock Exchange. The company will continue operating under the SolarWinds name and remain headquartered in Austin, Texas. Goldman Sachs & Co. LLC and Jefferies LLC acted as financial advisors to SolarWinds, with DLA Piper LLP (US) providing legal counsel. J.P. Morgan, Barclays, Santander, and RBC Capital Markets advised Turn/River Capital, with Kirkland & Ellis LLP serving as legal counsel. Due to the pending acquisition, SolarWinds has canceled its scheduled earnings call for Q4 and full-year 2024 results, originally set for February 11, 2025. However, the company will still report its financial results on or before February 14, 2025. The transaction positions SolarWinds for continued growth, strengthening its ability to deliver innovative, secure, and scalable IT management solutions.
Yahoo
07-02-2025
- Business
- Yahoo
Austin's SolarWinds going private in $4.4B deal
An Austin-based software company is being taken private in a $4.4 billion private equity deal. Turn/River Capital, a California-based private equity firm, acquired SolarWinds Corporation, paying shareholders $18.50 per share in cash, a premium of about 35% from its average closing price. The deal equals about $4.4 billion, according to a release announcing the transaction. 'We have built a great track record of helping customers accelerate business transformations through simple, powerful, secure solutions designed for hybrid and multi-cloud environments," SolarWinds President and CEO Sudhakar Ramakrishna said in the release. "We now look forward to partnering with Turn/River to deliver operational resilience solutions for our customers on our SolarWinds Platform, leveraging our premier observability, monitoring, and service desk solutions." The deal was backed unanimously by SolarWinds' Board of Directors as well as majority shareholders Thoma Bravo and Silver Lake who together control about 65% of the company's stock. More: Austin-based SailPoint is seeking a valuation up to $11.5 billion for its upcoming IPO When the deal closes, likely in the second quarter of 2025, the company will delist from the New York Stock Exchange and will have the new freedom of private ownership. The company continues to plan to be headquartered in Austin and will operate under SolarWinds' name and branding. SolarWinds shares were up about 22% in early trading. "SolarWinds is a global leader in software that helps a wide range of businesses securely manage and optimize their systems, networks, and IT infrastructure. Their deep commitment to understanding and solving customer needs has led to decades of innovation, impact, and consistent growth,' said Dominic Ang, founder and managing partner of Turn/River Capital. 'We are incredibly excited to partner with SolarWinds. By pairing our team of software operators and investors with their relentless focus on customer success, together we aim to accelerate growth and further innovation.' SolarWinds moved its headquarters to Austin in 2006, when local high-tech veteran Mike Bennett took over as CEO about seven years after the company's founding in Tulsa, Oklahoma. The company went public in 2009, but was briefly taken private in 2016 in a $4.5 billion deal that sold the software maker to Silver Lake Partners and Thoma Bravo LLC. Back in 2020, SolarWinds was part of a massive cyber breach that allowed hackers access to multiple federal agencies and more then 100 private-sector companies. The company was the first known supply chain victim of the national attack that also exploited companies like Microsoft. SolarWinds faced congressional hearings on the breach, several changes in leadership and a lawsuit from an investor that accused the company of making 'materially false and misleading statements' related to security measures. The Securities and Exchange Commission later charged SolarWinds and one of its executives in 2023, accusing them of downplaying cybersecurity risks and defrauding investors. This article originally appeared on Austin American-Statesman: Austin's SolarWinds bought for $4.4B
