Everbridge and xMatters announced that the two companies have signed a definitive agreement for Everbridge to acquire xMatters for a purchase price of approximately $240 million in cash and stock, pending regulatory review and other customary closing conditions.
The acquisition of xMatters represents another significant step in Everbridge’s commitment to better serve customers and create increased shareholder value.
The combination of the two companies’ technologies and teams creates a powerful IT Alerting and Incident Management offering, providing security and IT professionals with seamless orchestration, business processes and automated tools to reduce mean time to restore (MTTR), remediate breaches and restore services rapidly. For today’s digital/physical Fusion Centers, Everbridge and xMatters will together provide an expanded set of features to proactively discover IT issues quickly, assemble responders, apply remediation code, manage patches and drive continuous improvement with analytics – significantly increasing customer satisfaction.
“In an increasingly virtual world – facing dramatically more remote employees, the rapid expansion in inter-connected devices and systems through Internet of Things (IoT), and rising instances of damaging cyberattacks – IT organizations for large enterprises and governments are under pressure like never before to accelerate their digital transformation while providing solutions for IT resiliency and uptime,” said David Meredith, CEO of Everbridge. “...The addition of xMatters enhances our CEM for Digital offering within our broader, integrated solution suite, increasing the ROI for our CEM customers related to use cases for IT Service Operations, Cybersecurity and DevOps incident response.”
“By combining our innovative technology and team with Everbridge, we expect our customers and partners will collectively benefit from the most innovative capabilities to transform how they ensure great customer experiences while ensuring digital service resilience,” said Troy McAlpin, CEO at xMatters. “Together, we are positioned to address the emerging market opportunities for the development of advanced, digital customer and employee services.”
Continued Meredith, “The Everbridge and xMatters teams create a natural and strong cultural fit, combining our extensive and shared industry recognition for technology and innovation, customer success, and focus on creating top places to work.”
Founded in 2000, xMatters is a privately-held company headquartered in San Ramon, California with a major R&D office in Vancouver, British Columbia, and offices worldwide.
Under the terms of the agreement, Everbridge will acquire all of the outstanding equity of xMatters for approximately two-thirds cash and one-third stock. The Company expects the transaction to close by the end of the second quarter, subject to Hart-Scott-Rodino regulatory review and other customary closing conditions. Everbridge anticipates the partial year contribution to 2021 revenue will be approximately $9-11 million, after considering the material impact of purchase accounting and the associated deferred revenue haircut. Everbridge expects that the xMatters acquisition will have minimal impact to the company’s adjusted EBITDA in 2021 and will become accretive to the company’s adjusted EBITDA in 2022. The company will provide an update to its full-year guidance on its next earnings call.
William Blair & Company acted as the exclusive financial advisor to xMatters in connection with the transaction.
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