Model N agrees to $30/share cash acquisition by Vista; provides preliminary Q2 adj. EBITDA $10.9M

MODEL N, INC.

Transaction: $30.00 per share cash ($1.25B enterprise value); 28x LTM adj. EBITDA; 23% premium to 30-day VWAP before process.
Preliminary Q2 FY2024: SaaS ARR $139M (11% YoY growth); adj. EBITDA $10.9M; GAAP net loss $1.4M.
Board cites new execution risks post-SaaS transitions: need to increase non-SaaS Transition bookings ~7x to meet growth targets.
Vista was sole formal bidder after robust process with 9 financial sponsors; expected close mid-2024, subject to shareholder and HSR approval.
Board unanimously recommends shareholders vote for the acquisition, deeming it compelling risk-adjusted cash value.

item 2.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.8

MODEL N, INC. reported preliminary financial results for second fiscal quarter ended March 31, 2024.

Period: second fiscal quarter ended March 31, 2024
Result: preliminary results

Exact text from the filing

On April 22, 2024, Model N, Inc. (“Model N”) made available an investor presentation regarding the proposed transaction with affiliates of Vista Equity Partners, which provides certain preliminary, unaudited financial estimates for the second fiscal quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001193125-24-103852

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