Austin-based Bazaarvoice has signed a deal to be acquired by Marlin Equity Partners, a global investment firm, for approximately $521 million.
Under the deal, Bazaarvoice would become a private company.
Marlin Equity Partners, based in Los Angeles, plans to pay $5.50 in cash for each share of Bazaarvoice stock. Bazaarvoice is traded on the Nasdaq market under the symbol BV. Marlin’s price is 18 percent higher than the average closing price of Bazaarvoice common stock for the 30-calendar day period ending Nov. 24th, according to a news release.
“The Board of Directors appreciates the patience that our stockholders have shown as we’ve worked to improve our business and operations,” Tom Meredith, chairman of the board, said in a news release. “The Board ultimately decided, after extensive engagement with stockholders and an extended and thorough process, that Marlin’s offer to acquire Bazaarvoice is the best way to maximize value for our stockholders.”
“We are pleased to announce this transaction which enables our stockholders to realize immediate cash value at a premium and provides Bazaarvoice with the operational flexibility it needs to continue its strategic vision,” Gene Austin, Bazaarvoice’s chief executive officer, and president, said in a news statement.
“This transaction represents a unique opportunity to invest in a leading provider of consumer-generated content applications and data offerings,” Nathan Pingelton, a principal at Marlin, said in a news statement. “We are excited to partner with the entire Bazaarvoice team to build upon the company’s success and support their long-term objectives of continued revenue growth and product innovation.”
Bazaarvoice’s headquarters will remain in Austin, according to the release. The transaction is pending shareholder and regulatory approval. It is expected to close early next year.
Bazaarvoice also canceled its previously scheduled conference call set for Wednesday to discuss its fiscal second quarter 2018 financial results.
Brett Hurt and Brant Barton co-founded Bazaarvoice in 2005. The company helps brands and retailers market to customers through consumer-generated content including ratings and reviews.
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