Salem Radio Network News Thursday, June 1, 2023


TPG, Francisco Partners in talks to buy analytics firm New Relic – source

(Reuters) -Private-equity giants Francisco Partners and TPG are jointly planning a bid of more than $5 billion to acquire data analytics company New Relic, a person familiar with the matter told Reuters on Wednesday.

Reuters was the first to report in July that the U.S. business software company was preparing to explore a potential sale following interest from private equity firms.

New Relic’s shares rose on Wednesday after WSJ first reported on the PE firms’ interest. The shares closed 10.8% higher at $83.84 and were flat in extended trading.

The San Francisco-based company had a market capitalization of roughly $5.78 billion, as of Wednesday’s close. 

The company did not immediately respond to a Reuters request for comment, while Francisco Partners and TPG declined to comment.

New Relic develops cloud-based software to help websites and application owners track the performance of their services. Founded in 2008, it was listed in the stock market in 2014.

(Reporting by Milana Vinn in New York and Manya Saini in Bengaluru; Editing by Shinjini Ganguli)


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