SAN MATEO, Calif. (AP) -- Keynote Systems Inc., which monitors the performance of company websites, said Monday that it has agreed to sell itself to private equity firm Thoma Bravo LLC for about $369 million in cash.
Under the terms of the deal, Keynote shareholders will receive $20 in cash for each of their Keynote shares. Based on the company's 18.4 million outstanding shares, the deal is worth about $369 million.
Keynote valued the deal at about $395 million.
The price represents a 48 percent premium over the company's Friday closing price. In premarket trading, Keynote shares jumped 47 percent to $19.89 on the news.
Keynote Chairman and CEO Umang Gupta said that becoming a private company will provide Keynote with additional flexibility and better position it to invest in certain businesses, further its sales programs and speed up the company's growth.
The deal remains subject to regulatory and Keynote shareholder approvals. It's expected to close before Sept. 30.
Keynote's senior management is expected to remain with the company, which will stay based in San Mateo, Calif.