Zuora, which provides software to help companies manage subscription-based billing, will continue to be led by Chief Executive Officer and founder Tien Tzuo. Tzuo is rolling over a majority of his existing ownership in the firm.
Silver Lake Management and Singapore’s GIC Pte have agreed to acquire Zuora Inc. in a deal that values the software maker at US$1.7 billion ($2.23 billion).
The investment firms will pay US$10 per share in cash for Zuora, according to a statement Thursday. The price represents an 18% premium to Zuora’s closing price on April 16 — the day before media reports, including from Bloomberg News, that the company was working with advisers to explore a potential sale.
