secwatch.observer — SEC 8-K summary
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Issuer:     MODEL N, INC. (—)
CIK:        0001118417
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0001193125-24-103852
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1118417/000119312524103852/0001193125-24-103852-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1118417/000119312524103852/d826235d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-103852

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