Data analytics firm New Relic in talks to be sold - WSJ (updated)

New Relic

17/05/2023 21:15

(Adds details from report in paragraph 2, background in
paragraphs 3 and 5, shares in paragraph 4)
       May 17 (Reuters) - Private-equity firms Francisco
Partners and TPG  TPG.O  are working together on a more than $5
billion bid to acquire software company New Relic  NEWR.N , the
Wall Street Journal reported on Wednesday, citing people
familiar with the matter. 
    A deal could be reached in the next few weeks, the report
said, adding it's possible the talks could fall apart and other
suitors could still emerge. 
    Reuters had first reported in July that the U.S. business
software company was preparing to explore a potential sale
following interest from private equity firms. 
    New Relic shares closed 10.8% higher at $83.84 on
Wednesday. Shares were flat in extended trading. 
    The San Francisco-based company develops cloud-based
software to help websites and application owners track the
performance of their services. Founded in 2008, the company was
listed in the stock market in 2014.
    New Relic and TPG did not immediately respond to a Reuters
request for comment, while Francisco Partners declined to
comment. 

 (Reporting by Manya Saini in Bengaluru; Editing by Shinjini
Ganguli)
 ((Manya.Saini@thomsonreuters.com;))