Private-equity firms Francisco Partners and TPG are jointly planning a bid of more than $5 billion to acquire U.S. business software company New Relic Inc , a person familiar with the matter told Reuters on Wednesday.
in July last year that New Relic was preparing to explore a potential sale following interest from private equity firms.
New Relic's shares rose on Wednesday after the Wall Street Journal first reported about Francisco Partners and TPG's planned bid for the company. The shares closed 10.8% higher at $83.84 and were flat in extended trading. The company did not immediately respond to a Reuters request for comment, while Francisco Partners and TPG declined to comment.
TPG primarily focuses on sectors such as technology and healthcare, while Francisco Partners is a tech-focused investor.
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