New Relic has had a significant presence in the Portland tech community for years. And was among the tech companies to make it out of the gates with an IPO during more positive macroeconomic times. Now, New Relic is going back to being a private entity, with Francisco Partners and TPG paying $6.5 billion for the company.
Hope Cochran, Lead Independent Director of the New Relic Board, said, “We are pleased to have reached this agreement with Francisco Partners and TPG, which delivers significant, immediate value to shareholders. This transaction is the result of a comprehensive process that included engagement with both financial and strategic parties, led by a transaction committee that included representatives of two of our largest public shareholders. The Board is unanimous in its belief that today’s transaction appropriately reflects the Company’s innovative and strong business while maximizing shareholder value, and I am immensely proud to have worked alongside New Relic’s outstanding management team and my fellow Directors to transform New Relic at this pivotal time.”
For more information, read the New Relic press release.
(Hat tip to Brad Simantel)