Vector Capital (Vector) is to acquire Saba, a specialist in cloud-based intelligent management solutions, for USD9.00 per share in an all cash offer.
"Over the course of Saba's comprehensive review, the Board of Directors and our advisors evaluated a wide range of strategic alternatives, and engaged with a number of parties. We are pleased to have reached this agreement with Vector, which provides significant cash value for our shareholders. Our Board unanimously believes that this is the best outcome for Saba, our shareholders, customers, partners and employees," says Bill Russell, Saba's Non-Executive Chairman.
"Over the last 17 years, Saba has delivered a growing set of innovative intelligent talent management solutions, which are in use today by more than 2,200 global market leaders and innovators," says Shawn Farshchi, President and CEO of Saba. "Vector has been a great partner to Saba since 2013. We are thrilled to continue the relationship, and take advantage of the support and resources of Vector and their partner network to strategically invest in expanding our product portfolio, further our customer success programs, and continue to the next stage of the company's growth and market leadership."
"Vector, along with some of the world's premiere financial institutions and investors, are excited to help Saba move beyond its financial restatement process and put the focus squarely on the Company's innovative cloud talent management platform and its blue chip customer base," says David Fishman, Managing Director and Head of the Private Equity Team at Vector Capital.
Andy Fishman, Managing Director at Vector Capital, said, "We are excited to partner with the management team and the dedicated and talented group of employees at Saba. We look forward to them becoming part of the Vector family."
The transaction is subject to customary closing conditions and the approval of Saba shareholders, and is expected to close in the coming months. The transaction is not subject to any financing conditions. Saba senior management is expected to remain in Redwood Shores.
Morgan Stanley & Co, LLC is acting as financial advisor to Saba, and Morrison & Foerster LLP is acting as Saba's legal advisor. Shearman & Sterling LLP is acting as Vector's legal advisor.
