A GIC affiliate and global technology investor Silver Lake have completed their US$1.7 billion acquisition of US-billing software company Zuora.
Shareholders of the Silicon Valley-based firm approved the all-cash deal at US$10 a share earlier this month. With the transaction complete, Zuora will no longer be listed on the New York Stock Exchange as its Class A common stock will cease trading, a joint statement from GIC, Silver Lake and Zuora said.
Zuora will continue to be led by chief executive officer and founder Tien Tzuo, who is rolling over a majority of his existing ownership.
Silver Lake has been invested in the company since 2022, when it pumped in US$400 million as part of a strategic investment.
Founded in 2006, Zuora counts more than 1,000 companies around the world as clients. These include Caterpillar, General Motors, Schneider Electric, Siemens and Zoom – that use Zuora’s software to manage subscription-based billing.
It employs more than 1,200 employees globally and operates offices in North America, Europe, China, India, Japan, and Australia.
It raised US$154 million from its 2018 initial public offering that valued it at US$1.44 billion. It debuted at US$14 a share.
This is not the first time GIC has worked with Silver Lake. In 2016, the Singapore sovereign wealth fund and the US private equity firm bought stakes in Ancestry.com for US$2.6 billion. Together with other shareholders, they sold the online family history and DNA analysis company to Blackstone for US$4.7 billion in 2020.
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