Keynote has been acquired by an affiliate of leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $395 million.
The transaction was approved by stockholders holding a majority of Keynote’s outstanding shares of common stock at a special meeting of stockholders held on Wednesday, August 21.
With the consummation of the transaction, Thoma Bravo has acquired 100% of Keynote's outstanding shares of common stock and Keynote is now a privately-held company.
The majority of Keynote’s senior management continues with the company and the company’s headquarters will remain in San Mateo.
Keynote also announced the retirement of its long-time chairman and CEO Umang Gupta.
“For over 15 years, we at Keynote have focused on creating a company built to last,” said Umang Gupta. “I am gratified to have served as the company’s CEO through its multiple phases: during the early dot-com boom years of spectacular growth, during our journey to survive as a profitable entity after that boom faded, and during our subsequent growth revival phase as the mobile telecom revolution began. Our sale to Thoma Bravo enables the company to strategically invest and grow across all its businesses; in particular the nascent mobile enterprise business. I want to thank the entire family of Keynote employees whose loyalty, hard work and commitment to our collective success brought us to this positive juncture.”
“We’re thrilled to add Keynote to the Thoma Bravo family of leading infrastructure and software companies,” said Orlando Bravo, managing partner at Thoma Bravo. “Keynote is the established leader in the Internet and mobile testing and monitoring market and is currently at the forefront of a very compelling macro environment. The increasing complexity of websites combined with the proliferation of mobile devices creates new markets for the company’s enterprise business, while the shift to 4G and LTE networks continues to benefit its mobile telecom business. Thoma Bravo is excited to partner with Keynote to accelerate the growth of the company going forward.”
Mohan Gyani, retiring Keynote board member and retired president and CEO of AT&T Wireless Mobility Services, stated, “On behalf of Keynote’s board of directors, we wish to thank Umang for his many years of service to the company. His strong leadership, strategic foresight and relentless dedication helped propel Keynote to market leadership from the very beginning. His deft navigation of the company during the dot-com boom and bust years, and then through the 2008 downturn, to this sale, is nearly without precedent in our industry. The board is very pleased for all concerned with the outcome of Keynote’s sale to Thoma Bravo. Finally, on behalf of the entire board I would also like to thank all of Keynote’s employees. We believe Keynote’s future is brighter than ever.”
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