Software maker New Relic’s (Nasdaq: NEWR) deal to go private is expected to close Nov. 8, after shareholders overwhelmingly approved the deal.
The company, which is based in San Francisco but has its engineering headquarters in downtown Portland, is being acquired by private equity firms Francisco Partners and TPG. Shareholders voted on the $6.5 billion deal at a special meeting Nov. 1.
More than 99% of the votes cast approved the deal, according to the company’s regulatory filings.
As part of this transaction shareholders will receive $87 per share. Once the deal is complete New Relic will once again be a private company. The acquisition is still subject to customer closing conditions.
New Relic makes software that helps customers monitor their software applications. Leading up to its IPO in 2014 and for several years after, the company was a central pillar of the Portland tech community for talent as well as hosting events at its office in Big Pink.
Since the Covid-19 pandemic and shifting office use, the company has shrunk its footprint in Big Pink going from occupying four floors, with leases for two more, to occupying just two floors. In 2021, the last time the company released local headcount numbers, it had 613 employees locally.
The company has gone through several rounds of layoffs in the last two years.
The move to go private comes after months of speculation that a deal was in the works and a year after New Relic became the target of activist investor Jana Partners.
