Coupa Software Inc saw its shares jump nearly 30% after a report suggested private equity firm Vista Equity Partners is looking at buying the company.
Citing people familiar with the matter Bloomberg said Vista had held talks with Coupa, adding that private-credit lenders could provide financing for a potential deal.
Shares in the software firm, which was valued at nearly $3.5 billion as of Tuesday’s close, rocketed 29.7% to $59.28 following the report.
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The development comes when private equity buyers have ramped up their take-private activities as valuations of public tech companies have dropped due to a broader equities selloff, triggered by high inflation and a tightening monetary policy.
Contact the author at jeremy@proactiveinvestors.com