Anaplan Signs $10.7B Takeover Deal

Business planning software firm Anaplan, Inc. (NYSE: PLAN) has signed an agreement to be acquired by Illinois-based software investment company Thoma Bravo for nearly $10.7 billion in cash. Thoma Bravo will pay $66 for each share of Anaplan.

Following the completion of the acquisition, which is expected in the first half of this year, Anaplan will stop trading on the New York Stock Exchange.

Commenting on the deal, Holden Spaht, a Managing Partner at Thoma Bravo, said, “We look forward to leveraging Thoma Bravo’s extensive operational and investment expertise in enterprise software to support Anaplan in its future growth.”

Another Partner at Thoma Bravo, Tara Gadgil, said, “We look forward to working closely with Anaplan’s talented and experienced team to continue delivering cloud-native SaaS solutions at scale.”

Based out of San Francisco, Anaplan provides a cloud-based connected planning platform to help people manage their business. Anaplan offers professional services, such as consulting, implementation, and training, as well.

PLAN stock is up almost 28% currently.

Wall Street’s Take

After the deal was announced, JMP Securities analyst Patrick Walravens maintained a Buy rating on the stock with a price target of $87 (34.6% upside potential).

Overall, the stock has a Moderate Buy consensus rating based on seven Buys and seven Holds. The average Anaplan price target of $65.09 implies 0.7% upside potential. Despite today’s pop, PLAN stock has returned close to 0% in the past six months.

Hedge Fund Trading Activity

TipRanks’ Hedge Fund Trading Activity tool shows that sentiment in Anaplan is currently Very Positive, as the cumulative change in holdings across all 12 hedge funds that were active in the last quarter was an increase of 2.9 million shares.

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