Apptio to go private in $ 1.94 billion with Vista Equity Partners

(Reuters) – Software company Apptio Inc (APTI.OVista Equity Partners for $ 1.94 trillion in cash, two years after going public.

Vista for the private company for $ 38 per share, a premium of about 53 percent to the Apptio stock's last close.

The deal would help the company bring its products to the market faster, Apptio co-founder and Chief Executive Officer Sunny Gupta told Reuters.

"In the private construct, we look at leveraging Vista's playbook," Gupta said. "They seem to be committed to accelerating our product innovation cycle to customers."

Apptio, whose products include cloud-based and hybrid business management software, was founded in 2007 and went public in September of 2016 at $ 16 per share.

Vista, including private-equity portfolio of mostly software companies, marketing software firm Marketo to Adobe Inc (ADBE.O) for $ 4.75 billion in September.

The Apptio deal includes a 30-day "go-shop" period, which permits

Apprentice had multiple offers of strategic and private investors before it agreed with Vista's, Gupta said. He will remain Apptio's CEO post the deal. It will remain headquartered in Bellevue, Washington.

The company's board has approved the deal, which is expected to close in the first quarter of 2019, it said.

Apptio posted a quarterly profit in August, a month before the stock touched a life high of $ 41.23.

Qatalyst Partners served as Apptio's financial adviser, while Wilson Sonsini Goodrich & Rosati was its legal adviser. Kirkland & Ellis LLP was the legal adviser to Vista.

The Wall Street Journal reported on the deal.