We intend to support the team as they build on their outstanding record and continue to grow their product offerings and client base around the world.' In addition, the Company's recent performance in accelerated quarterly bookings, new product launches and its recent acquisition of Thomson Reuters' BoardLink business demonstrate strong momentum. 'Diligent leads the way in collaboration between boards and senior executives with more than 3,500 clients, tremendous innovation and unparalleled service. 'We look forward to working with Brian and the rest of the talented team at Diligent to accelerate the Company's progress in the large and growing communications and collaboration market' said Deven Parekh, Managing Director at Insight Venture Partners.
Stafford and the current senior management team will continue to lead the business after the transaction closes. Insight will be a great partner to the Diligent team as we continue to help leading organizations around the world collaborate securely.'
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Our game plan will not change as a private company - to be the leading provider of collaboration software for boards, committees, and leadership teams. I'm thrilled to partner with Insight, which brings substantial experience supporting the growth of software companies around the world. In addition to being a terrific result for all of our stockholders, we believe this transaction will provide Diligent with the financial flexibility to continue executing on its long-term vision, which we believe will benefit both clients and employees.'īrian Stafford, Chief Executive Officer and President of Diligent, stated, 'This is an exciting day for Diligent. The $US 4.90 per share transaction we are proposing to shareholders represents the culmination of nine years of unrelenting effort by the Diligent team to build a world-class company that is the leader in its space. 'Diligent went public on the New Zealand Stock Exchange in December 2007 at $NZ 1.00 ($US 0.66). 'After a careful review of strategic alternatives, the Diligent Board of Directors determined that the terms offered by Insight represent a transaction that is in the best interest of stockholders,' said David Liptak, Chairman of Diligent. The transaction represents a 31% premium over the closing share price of $NZ 5.64 ($US 3.741) on February 12, 2016. The Diligent Board of Directors has unanimously approved the transaction and resolved to recommend that stockholders vote in favor of the agreement.
Under the terms of the agreement, Diligent stockholders will receive $US 4.90 ($NZ 7.391) in cash for each share of Diligent stock, a consideration which values Diligent at approximately $US 624 Million (approximately $NZ 941 Million1), including cash. Wellington, New Zealand and New York, NY - FebruDiligent Corporation (NZX: DIL) ('Diligent' or the 'Company'), the leading provider of secure online collaboration and document sharing solutions for boards, committees and leadership teams, today announced it has entered into a definitive agreement to be acquired by Insight Venture Partners ('Insight'), a leading global venture capital and private equity firm investing in high-growth software, internet and data services companies.
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