Sumo Logic (NASDAQ:SUMO) soared 30% on a report that several private equity firms have approached the data analysts software firm about a potential acquisition.
Thoma Bravo, Vista Equity and Francisco Partners are said to have approached the company to express their interest in a possible purchase, according to a The Information report, which cited people. It’s unclear of Sumo Logic (SUMO) CEO Ramin Sayar is open to a sale.
The report come as tech focused private equity firm Thoma Bravo has been on a bit of an acquisition spree, including agreeing to buy application-software firm Magnet Forensics for C$1.8 billion in cash on Friday.
Sumo Logic (SUMO) has a market cap of $920 million and it’s shares dropped 40% last year. Sumo Logic agreed to appoint John Harkey to its board last year in a mutual cooperation agreement with Scalar Gauge Fund. Scalar agreed at the time to a customary standstill, voting and other provisions.
Vista, Thoma Bravo and Franciso Partners declined to comment to the publication. Sumo Logic (SUMO) also declined to comment.
RBC in an October reported listed Sumo Logic (SUMO) among software names most likely to be acquired.