As part of the all-cash deal, Kneat will become a privately held company when the transaction is completed.

Kneat Solutions, a Limerick-founded software company that is listed in Toronto, Canada, has entered into a definitive agreement with US private equity group Thoma Bravo that will see the organisation acquired for C$650m.  

Established in 2007 by co-founders Eddie Ryan, Brian Ahearne and Kevin Fitzgerald, Kneat is an enterprise software company that develops digital validation platforms for use in highly regulated industries such as the life sciences and healthcare spaces. The organisation has a presence in Toronto, Limerick and Pennsylvania, US. 

As laid out in the takeover conditions, holders of the outstanding shares at Kneat will receive C$6.50 per share, representing a premium of approximately 40pc to the closing price for the shares on the Toronto Stock Exchange in early May and 20pc to the closing price in early June. Once finalised, Kneat will operate as a privately held company. 

According to Kneat, following the closure of the all-cash transaction, Thoma Bravo intends to accelerate Kneat’s goal of enabling regulated companies to be confident in the development, manufacturing and delivery of safe and high-quality products.

“We are thrilled to partner with Thoma Bravo, who we are confident will help us accelerate our mission and our position as the leader in digital validation and quality process automation for life sciences at an exciting time for the industry,” said Ryan, who is also CEO of Kneat. 

“As we begin to leverage our critical position in validation to enable customers to expand their use of our platform to adjacent areas, having the sector expertise, strategic alignment and resources of Thoma Bravo behind us will be a powerful catalyst.”

Adam Solomon, a partner at Thoma Bravo, said: “In today’s increasingly complex regulatory environment, more customers are looking to Kneat to provide them with greater control, efficiency and real-time visibility across mission-critical compliance workflows. We are confident we can apply our operational expertise and deep experience working with market-leading software companies to accelerate Kneat’s growth.”

Don’t miss out on the knowledge you need to succeed. Sign up for the Daily Brief, Silicon Republic’s digest of need-to-know sci-tech news.