Kaseya to buy Datto in $6.2bn deal
Miami-based IT management company Kaseya has agreed to buy Datto, a provider of security and cloud-based software solutions, in a $6.2bn cash deal.
The transaction will be funded by an equity consortium led by Insight Partners, with significant investment from TPG Capital and Temasek, and participation investors including Sixth Street.
Under the terms of the agreement, Datto shareholders will receive $35.50 per share, which represents a 52% premium to Datto’s unaffected share price as of 16 March.
Kaseya chief executive officer Fred Voccola said: "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.
"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.
"Kaseya is known for our outstanding track record of retaining the brands and cultures of the companies we acquire and supercharging product quality."
The deal is expected to complete in the second half of the year.