The leading deep packet inspection (DPI) solution provider, Procera Networks, has signed an agreement to be acquired by private equity firm Francisco Partners Management for $240 million. Procera's Board has unanimously approved the deal and upon the completion of the proposed transaction, Procera will become a privately held company.
Under the terms of the agreement, Francisco Partners will offer to acquire all outstanding shares of Procera’s common stock for $11.50 per share in cash. This represents a premium of approximately 21% over the closing price of Procera’s common stock on April 21, 2015, and a premium of approximately 32% over the unaffected closing price on January 22, 2015, the last day prior to an article reporting the potential sale of the company.
James Brear, President and CEO of Procera
As part of Francisco Partners’ portfolio of companies, Procera will have the resources and financial expertise needed to attain the next level of growth and to strengthen our competitive market position. I believe this transaction delivers compelling value to our stockholders, and we remain firmly committed to establishing Procera as the leader in improving the customer broadband experience for carriers and operators.
Andrew Kowal, Partner at Francisco Partners
Francisco Partners seeks out leading technology companies with a differentiated offering and compelling product roadmap. Procera is one such best-of-breed company in the network intelligence space, and we look forward to partnering with Procera to help the company and its customers drive actionable intelligence with Procera’s solutions.
