Saba has entered into a definitive agreement with affiliates of Vector Capital, under which an affiliate of Vector will acquire all of the outstanding shares of Saba common stock.
The transaction, which is subject to customary closing conditions and the approval of Saba shareholders, is expected to close in the coming months. It is not subject to any financing conditions.
After evaluating a wide range of strategic alternatives, Saba’s Board of Directors believes that this agreement will “provide significant cash value for our shareholders.”
“Over the last 17 years, Saba has delivered a growing set of innovative intelligent talent management solutions, which are in use today by more than 2,200 global market leaders and innovators,” says Saba president and CEO Shawn Farshchi. “Vector has been a great partner to Saba since 2013. We are thrilled to continue the relationship, and take advantage of the support and resources of Vector and their partner network to strategically invest in expanding our product portfolio, further our customer success programs, and continue to the next stage of the company’s growth and market leadership.”
Morgan Stanley & Co., LLC is acting as financial advisor to Saba, and Morrison & Foerster LLP is acting as Saba’s legal advisor. Shearman & Sterling LLP is acting as Vector’s legal advisor.
Saba senior management is expected to remain in Redwood Shores, Calif.