Silver Lake, GIC Agree $1.7 Billion Deal for Software Firm Zuora

Bloomberg

17 Oct 2024

(Bloomberg) -- Silver Lake Management and Singapore’s GIC Pte have agreed to acquire Zuora Inc. in a deal that values the software maker at $1.7 billion.

The investment firms will pay $10 per share in cash for Zuora, according to a statement Thursday. The price represents an 18% premium to Zuora’s closing price on April 16 — the day before media reports, including from Bloomberg News, that the company was working with advisers to explore a potential sale.

Zuora, which provides software to help companies manage subscription-based billing, will continue to be led by Chief Executive Officer and founder Tien Tzuo. Tzuo is rolling over a majority of his existing ownership in the firm.

Silver Lake has been invested in the company since 2022, when it injected $400 million as part of a strategic investment aimed at helping accelerate Zuora’s growth.

Qatalyst Partners and Goodwin Procter LLP are advising Zuora’s special committee, while Foros and Freshfields are advising the company. Simpson Thacher & Bartlett LLP is working with Silver Lake, while Dechert LLP is serving as legal counsel to GIC. Sullivan & Cromwell LLP is counsel to Tzuo.

The transaction is expected to close in the first calendar quarter of 2025.

©2024 Bloomberg L.P.

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