Software maker New Relic’s acquisition by a pair of private equity firms is complete and the company’s shares are no longer listed on the New York Stock Exchange.
The $6.5 billion deal with Francisco Partners and TPG closed Wednesday. As a result, shareholders will receive $87 per share and the company will once again be private.
"The transaction establishes New Relic as a private company with enhanced flexibility and resources to continue investing in its leading observability platform and meeting the data and efficiency needs of its customers," the company said in a written statement.
New Relic makes software that helps customers monitor software applications. The company is based in San Francisco but it has an engineering headquarters in downtown Portland. The Portland office opened in 2012, although the company had employees in the region almost from its founding.
Leading up to its IPO in 2014 and for several years after, the company was a central pillar of the Portland tech community hosting events at its office in Big Pink. The company also attracted talent that smaller companies could tap for executive and engineering hiring.
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.
