Active Network, the San Diego based provider of online registration services, said Vista Equity Partners, the private equity firm that agreed to purchase the company in September, completed its tender offer on all of Active’s common stock, closing the transaction.
Vista Equity, with offices in San Francisco, Austin and Chicago, paid $14.50 in cash for each share of Active, for an aggregate $1.05 billion. The firm said a total of 56.7 million shares were tendered representing 87 percent of the company’s outstanding shares. That ratio met the minimum requirements of at least a majority of shares of the stock be tendered for the acquisition to be valid.
Founded in 1999 as a firm to provide registration services to running and other athletic events, Active now offers technology to manage and operate all sorts of events, organizations and programs. The company said it has more than 55,000 customers.
In other news, the company said it was selected by Electric Run, a nighttime 5,000 meter running event, to expand into 20 major cities, including London, Dublin, Milan, Amsterdam, Berlin, Tokyo and Dubai.
— SDBJ Staff Report