Private Equity Firm To Acquire Active Network - Business Travel News

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Private Equity Firm To Acquire Active Network

September 30, 2013 - 03:10 PM ET

By Chris Davis

Private equity firm Vista Equity Partners on Monday announced an agreement to acquire technology company The Active Network, owner of meetings tech provider StarCite. The companies indicated that the all-cash deal is worth about $1.05 billion, was unanimously recommended by Active's board of directors and is expected to close "before the end of the fourth quarter of 2013."

Active in early August announced that the company was exploring "expressions of interest from outside parties." The deal would end Active's tenure as a publicly held company, though Active indicated it would report next month its third-quarter performance.

Active interim CEO Jon Belmonte and Vista founder and CEO Robert Smith in statements accompanying the announcement characterized the acquisition as a move to further Active's growth.

"This announcement represents a very positive event for our stockholders and allows Active to build on its success to date," according to the statement attributed to Belmonte. "We believe the partnership with Vista will position us to execute on our strategy and further enhance our industry leadership. For our customers, we will continue to focus on delivering the strongest product offerings through our advanced technology platform."

Under the terms of the agreement, Vista would acquire all shares of Active for $14.50 per share in cash.

Active purchased StarCite at the end of 2011.

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