Francisco Partners and TPG Agree to Take New Relic Private in $6.5 Billion Deal
Francisco Partners and TPG have agreed to acquire New Relic in an all-cash deal worth $6.5 billion. The deal, which is expected to close in the second half of 2023, will take New Relic private.
New Relic is a software company that provides observability solutions for businesses. The company’s platform helps businesses to collect, analyze, and visualize data from their applications and infrastructure.
Francisco Partners and TPG are private equity firms that specialize in software investments. The two firms have a combined track record of investing in and growing software companies.
“We are excited to partner with Francisco Partners and TPG to take New Relic private,” said Lew Cirne, CEO of New Relic. “We believe that this transaction will provide New Relic with the resources and focus to accelerate our growth and innovation.”
“New Relic is a leading provider of observability solutions, and we are impressed by the company’s strong track record of growth,” said Ilya Fushman, Partner at Francisco Partners. “We believe that New Relic has the potential to be a major player in the observability market, and we are excited to partner with the company to help it achieve its full potential.”
The acquisition of New Relic by Francisco Partners and TPG is a sign of the growing interest in the observability market. The market is expected to grow to $20 billion by 2025, and there is a growing demand for observability solutions from businesses of all sizes.
New Relic is well-positioned to capitalize on this growth, as the company offers a comprehensive observability platform that can help businesses to improve the performance and reliability of their applications.
“We are committed to helping our customers achieve their goals,” said Cirne. “With the support of Francisco Partners and TPG, we are confident that we can continue to grow and innovate and help our customers succeed.”
Here are some key takeaways from the article:
Francisco Partners and TPG have agreed to acquire New Relic in an all-cash deal worth $6.5 billion.
The deal, which is expected to close in the second half of 2023, will take New Relic private.
New Relic is a software company that provides observability solutions for businesses.
Francisco Partners and TPG are private equity firms that specialize in software investments.
The acquisition of New Relic by Francisco Partners and TPG is a sign of the growing interest in the observability market.
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