Software maker Anaplan Inc said on Sunday it had agreed to be taken private by Thoma Bravo LP for $9.65 billion in cash, another sign of rising private equity interest in the cloud-based software space.

The deal would give Anaplan investors $66 for each share held, a premium of more than 30% over the company’s last closing price on Friday.

Anaplan makes software that helps businesses model different forecasting outcomes and has more than 1,900 customers worldwide. Its revenue rose by about a third in the year to Jan. 31, while losses widened.

The highly leveraged buyout is the latest in the software sector, whose rapid growth during the COVID-19 pandemic has attracted interest from private equity players.

Last month, software company Citrix Systems said it would be taken private for $16.5 billion including debt by affiliates of Elliott Management and Vista Equity Partners.

The news of the Anaplan deal, which has an enterprise value of $10.7 billion, was first reported by the Wall Street Journal.

Hedge fund Sachem Head Capital Management took a nearly 5% stake in Anaplan last month.

Source: source