Private equity firm Thoma Bravo has completed its acquisition of Keynote Systems, a provider of internet and mobile cloud testing and monitoring, for USD20 per share or approximately USD395m.
With the transaction completed, Keynote’s stock will cease trading on the Nasdaq under the ticker symbol KEYN.
Keynote will remain headquartered in San Mateo, California. In addition, retiring chief executive Umang Gupta will transition the CEO role to software and technology industry veteran Jennifer Tejada.
“Jennifer brings a passion for innovation and unparalleled experience to hit the ground running with the tremendous platform that Umang and the Keynote team have built,” says Thoma Bravo partner Seth Boro. “She possesses a wealth of experience growing leading companies through product innovation, marketing, sales and strategic acquisitions, and we look forward to working with her to continue growing the company.”
Most recently, Tejada served as executive vice president and chief strategy officer for Mincom, a global enterprise software company.
“Keynote has built an incredible brand with loyal customers, a talented team and market-leading products,” says Tejada. “As businesses increasingly shift core customer interactions and transactions to mobile and online, performance monitoring for those platforms is key. This transaction will allow us to continue to innovate for our customers with the increased flexibility of a private company.”
“Thoma Bravo’s acquisition of Keynote is a great outcome for the company, its shareholders and its customers,” says Gupta. “The company is well-positioned for its next chapter of growth, and I look forward to watching Keynote take its next step under the new management leadership team.”
Thoma Bravo has more than 30 years of experience providing equity and strategic and operating support to businesses and their management teams.
The acquisition represents Thoma Bravo’s 28th platform company in the software and technology industries.
