Private-equity giants Francisco Partners and TPG are jointly planning a bid of more than $5 billion to acquire data analytics company New Relic , a person familiar with the matter told Reuters on Wednesday.
in July that the U.S. business software company was preparing to explore a potential sale following interest from private equity firms.
New Relic's shares rose on Wednesday after WSJ first reported on the PE firms' interest. The shares closed 10.8% higher at $83.84 and were flat in extended trading. The San Francisco-based company had a market capitalization of roughly $5.78 billion, as of Wednesday's close. The company did not immediately respond to a Reuters request for comment, while Francisco Partners and TPG declined to comment.
New Relic develops cloud-based software to help websites and application owners track the performance of their services. Founded in 2008, it was listed in the stock market in 2014.
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