Vista Equity to buy event management software firm Active Network for $904 mn

US-based private equity firm ista Equity Partners, focused on investing in software and technology companies, today tabled a $904-million bid for event management software maker Active Network Inc.

Vista is offering to pay $14.50 per share, a 27.2-per cent premium to Active Network Friday closing price of $11.40.

The deal, which has been approved by the board of San Diego-based Active Network, is expected to close before the end of fourth quarter.

Active Network, which has Cisco , Kraft, Subway, IBM, Starbucks, Toyota, among its clients and over over 55,000 customers,  is a provider of activity and participant management solutions. It claims that its technology platform makes managing and operating all types of activities, events and organizations smarter and more efficient.

Walt Disney Co holds a 10-per cent stake in the company, with InterActivecorp (IAC) owning 7.4 per cent.

''This announcement represents a very positive event for our stockholders and allows Active to build on its success to date,'' said Jon Belmonte, interim CEO of Active Network. ''We believe the partnership with Vista will position us to execute on our strategy and further enhance our industry leadership.

''Active Network's leadership position in cloud-based Activity and Participant Management solutions make it a highly attractive investment for us,'' said Robert Smith, CEO and founder of Vista Equity Partners.

California-based Vista currently invests over $7 billion in capital to technology-based organisations led by world-class management teams with long-term perspective.

Vista is a value-added investor, contributing professional expertise and multi-level support towards companies realizing their full potential.