Private equity investment firm Thoma Bravo LLC is set to purchase Keynote Systems Inc. (Nasdaq: KEYN), a provider of cloud-based tools for testing mobile applications and websites, in a take-private deal valued at roughly $395 million.
For Thoma Bravo, the all-cash acquisition is meant to help the firm maintain an edge in the cloud computing space. The Chicago firm cited consumers’ increasing use of mobile devices as incentive for acquiring Keynote.
The San Mateo, Calif.-based target will receive $20.00 in cash for each share of Keynote common stock — a 48 percent premium over the company's closing price of $9.60 on June 21. Keynote senior management is expected to continue with the company. Its headquarters are expected to remain in San Mateo.
The Keynote board of directors unanimously approved the transaction and expects the deal to close before Sept. 30, 2013.
Umang Gupta (pictured), chairman and CEO of Keynote, says that as a private company, Keynote will be better positioned to invest in its mobile enterprise business and further its sales programs.
Tools for developing mobile applications are increasingly providing M&A targets. For more on the trend, see “Facebook's Parse Purchase Follows Flurry of App Deals.”