Hellman & Friedman, a private equity firm based in San Francisco, is acquiring DoubleClick.
The deal is for $1.1 billion. DoubleClick stockholders will receive $8.50 in cash for each share of DoubleClick common stock.
According to a press release, investing alongside Hellman & Friedman will be JMI Equity, a San Diego- based venture capital firm exclusively focused on the software and business service industries. Hellman & Friedman and JMI Equity have previously partnered together on a number of software related investments, including Blackbaud Inc. (BLKB), Mitchell International, Inc., and Vertafore, Inc.
“This transaction provides great value to our stockholders and underscores the strength of our industry leading position and DoubleClick’s business model,” said DoubleClick CEO Kevin Ryan.
Management will remain committed to working diligently to meet all customer needs. Following the closing, Mr. Ryan will step down as CEO to pursue other opportunities. At the closing, David Rosenblatt will continue to oversee the TechSolutions division as its CEO, and Brian Rainey will continue to lead the DataSolutions division as its CEO. A new board of directors and chairman will be appointed post closing.
“This transaction will allow us to continue to be more focused on providing industry-leading data marketing services to our customers,” said Brian Rainey, President and General Manager of Data Solutions, DoubleClick. “We believe our customers and employees will benefit from this new structure.”
The transaction has been approved by DoubleClick’s board of directors and is expected to be completed in the third quarter.
Chris is a staff writer for Murdok. Visit Murdok for the latest ebusiness news.
