Miami-based IT company Kaseya has acquired a publicly traded software company with 1,700 employees for $6.2 billion.
Under the terms of the agreement, which closed June 23, shareholders of Norwalk, Connecticut-based Datto will receive $35.50 a share. Datto's stock (NYSE: MSP) is no longer trading.
Datto will continue to operate as an autonomous brand based in Norwalk, while Kaseya's headquarters will remain in Miami's Brickell Financial District. Kaseya previously said it will retain all of Datto's employees.
"I want to reiterate: We bought Datto because we think they're awesome – their world-class products, highly regarded brand, innovative culture and amazing people – we have no intention of messing up any of that," Kaseya CEO Fred Voccola said in a news release. "We will build on what they created so, in the end, [managed service providers] will get the maximum value from their solutions at an affordable price."
As part of the merger, Kaseya announced that the listing price for Datto's products will be reduced by an average of 10% for new purchases.
Founded in 2007, Datto provides backup and disaster recovery service for IT managed service providers.
Kaseya, established in 2000, provides unified IT and security management software for IT professionals in managed service providers and mid-market enterprises. Prior to the acquisition, it has about 2,000 employees in 14 U.S. offices, plus one location in Canada, 10 in Europe and five in the Asia-Pacific region.
In May, Kaseya signed a lease to occupy the top three floors of 800 Brickell – a total of 42,872 square feet – which will serve as the company's headquarters. Kaseya's current offices are at 701 Brickell Ave.
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