SolarWinds Corp. has agreed to a $4.4 billion deal with Turn/River Capital whereby the private equity firm buys the software firm in an all-cash transaction at $18.50 per share.
The observability and IT management software provider will become a privately held company and no longer trade on the New York Stock Exchange.
“We have built a great track record of helping customers accelerate business transformations through simple, powerful, secure solutions designed for hybrid and multicloud environments,” Sudhakar Ramakrishna, president sand CEO of SolarWinds said in a statement.
The Austin, Texas-based firm took center stage in one of the most consequential cyberattack campaigns in history when state-linked hackers infected its Orion platform. The attack, disclosed in late 2020, led to massive reforms in how the industry developed software and attempted to secure IT systems against increasingly sophisticated state actors.
The Securities and Exchange Commission in 2023 filed civil charges against SolarWinds and its CISO, alleging the company failed to disclose known cyber risks to investors. However, the majority of the allegations were later dismissed.
U.S. officials attributed the attack to a state-linked threat actor called Nobelium, later called Midnight Blizzard, which is backed by Russia’s foreign intelligence service.
The SolarWinds deal has been approved by the company’s board of directors and is expected to close by the second quarter of 2025.
