Limerick-based software company Kneat to be acquired by Thoma Bravo for $650m

As part of the cash only deal, Kneat will become a privately held company when the transaction is completed.

Kneat Solutions, a Limerick-founded software company that is listed in Toronto, Canada, has entered into a definitive agreement with US private equity group Thoma Bravo, that will see the organisation acquired for C$650m.

Established in 2007 by co-founders Eddie Ryan, Brian Ahearne and Kevin Fitzgerald, Kneat is an enterprise software company that develops digital validation platforms for use in highly regulated industries such as the life sciences and healthcare spaces. The organisation has a presence in Toronto, Ireland and the US.

As laid out in the takeover conditions, holders of the outstanding shares at Kneat will receive C$6.50 per share, representing a premium of approximately 40pc to the closing price for the shares on the Toronto Stock Exchange in early May and 20pc in early June. Once finalised, Kneat will operate as a privately held company.

According to Kneat, following the closure of the cash-only transaction, Thoma Bravo intends to accelerate Kneat’s goals and enable regulated companies to be confident in the development, manufacturing and delivery of safe and high-quality products.