Data integration software provider Informatica has gone private through a $5.3bn deal, which included strategic investment from Microsoft and Salesforce.
According to Informatica chairman Sohaib Abbasi, going private can allow the company to be more flexible and is expected to help the data software company focus upon implementation of an innovation roadmap to the business model.
The deal will also keep the company away from public investors who just focus on quarterly profits.
Informatica said that it would continue trading on the NASDAQ and stakeholders will receive $48.75 in cash per share.
The company did not reveal how much stake Microsoft and Salesforce acquired, but it is expected to have helped the tech titans to gain an important partner.
The company has also undergone some leadership changes with company chief product officer Anil Chakravarthy becoming the acting CEO, and former Adobe CEO Bruce Chizen joining Informatica as a board member.
Anil Chakravarthy said: "Our transformative innovation roadmap includes four distinct billion-dollar opportunities: cloud integration, next generation big data integration, MDM solutions and data security.
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"And living our customer-first culture, we will evolve our business model to match customers’ preferences for pay-for-use subscription offerings."
Permira Partner Technology team co-head Brian Ruder said: "As a testament to the strength and promise of Informatica’s business, we are thrilled to welcome Microsoft and Salesforce Ventures as investors and are excited to support Informatica as it consolidates its position as one of the top software companies globally."
