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Vista Equity to take revenue optimization platform Model N private in $1.25B deal

Date April 9, 2024

Writen by Paul Sawers

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Model N, a platform used by companies such as Johnson & Johnson, AstraZeneca, and AMD to automate decisions related to pricing, incentives, and compliance, is going private in a $1.25 billion deal with private equity firm Vista Equity Partners. The acquisition underscores how PE firms continue to scoop up tech companies that have struggled to perform well in public markets in the last couple of years.

Vista Equity is doling out $30 per share in the all-cash transaction, representing a 12% premium on Friday’s closing price, and 16% on its 30-day average.

This is Vista Equity’s fifth such acquisition in the past 18 months, following Avalara ($8.4 billion); KnowBe4 ($4.6 billion); Duck Creek Technologies ($2.6 billion); and EngageSmart ($4 billion).

Founded in 1999, Model N’s software integrates with various data sources and internal systems to help companies analyze trends, pricing efficacy, market demand, and more. The platform is typically used in industries such as pharmaceuticals and life sciences, where there may be complex pricing structures, and where regulatory or market changes can impact business.

The San Mateo-headquartered company went public on the New York Stock Exchange (NYSE) in 2013, and it has generally performed well in the intervening years — particularly since around 2019, when its market cap steadily started to increase, hitting an all-time high of $1.6 billion last year. However, its valuation has generally hovered below the $1 billion market for the past six months, sparking Vista Equity Partners into action today.

Vista said that it expects the transaction to close in the middle of 2024, though it is of course subject to the usual conditions, including shareholder approval.

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