ARI Network Services, Inc. (ARI) (NASDAQ: ARIS) announced August 29 that it has been acquired by an affiliate of True Wind Capital, a San Francisco-based private equity firm focused on investing in leading technology companies.
Shareholders approved the transaction on August 28, and per the terms of the acquisition, ARI shareholders will receive $7.10 in cash for each share of ARI common stock they hold.
“We’re excited to embark on ARI’s next chapter as part of the True Wind family,” said Roy W. Olivier, ARI president and CEO. “We are now well positioned to accelerate our pace of innovation and capitalize on future growth opportunities, allowing ARI to cement its position as the leader in the markets we serve.”
“True Wind is very excited to add ARI to our portfolio and begin our partnership with Roy and his team,” said Adam Clammer, founding partner of True Wind Capital.
With the completion of the transaction, ARI is now a privately held company and will no longer be traded on the NASDAQ.
KeyBanc Capital Markets Inc. and Houlihan Lokey served as financial advisors to ARI, and Godfrey & Kahn S.C. served as legal advisor to ARI. Kirkland & Ellis LLP served as legal advisor to True Wind.