SolarWinds Corporation (NYSE: SWI) said on Friday that it had entered into a definitive agreement to be bought by Turn/River Capital in an all-cash deal valued at $4.4 billion (or $18.50 per share).
”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. 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,” Sudhakar Ramakrishna, President and CEO of SolarWinds, said in a press release.
”This successful transaction and exciting partnership are testaments to our employees’ outstanding work of building exceptional solutions and delivering great customer success. We are confident that Turn/River’s expertise and growth orientation will help us ensure SolarWinds continues to drive innovation and deliver even greater value for customers and stakeholders,” the CEO added.
Stock Performance
The shares of SolarWinds Corporation (SWI) closed 21.82% ($3.28) higher at $18.31 in New York on Friday. It has been the sharpest single-session gain for the stock since July 5th 2019.
The company’s total market cap now stands at $3.123 billion.
The shares of SolarWinds Corporation (SWI) went up 14.09% in 2024, compared with a 13.32% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen another 28.49% so far this year.
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