Software firm MeridianLink to go private in $2 billion deal with Centerbridge
Optimism around potential rate cuts and easing uncertainty amid progress on trade deals have laid the groundwork for a pickup in private-equity buyouts. Dealmaking appetite for software businesses has also remained robust this year.
Last week, Blackstone (BX.N), opens new tab clinched a $6.5 billion deal for energy data and analytics provider Enverus.
MeridianLink shareholders will receive $20 apiece in cash for each share held, implying a 26% premium to the stock's last close.
Shares of the Irvine, California-based company jumped 24.6% to $19.79 in premarket trading. They have lost 23% this year, as of last close.
Founded in 1998, MeridianLink powers digital lending and account opening for financial institutions. It also provides data verification solutions for credit bureaus.
The company caters to nearly 2,000 community financial institutions and reporting agencies, including BankFirst and Financial Center First Credit Union.
"As the pace of change across the finance and tech sectors continues to accelerate, MeridianLink is uniquely positioned to help financial institutions enhance their digital lending and credit reporting capabilities to expand and deepen client relationships and drive their growth," said Centerbridge's Jared Hendricks and Ben Jaffe.
MeridianLink's revenue rose 8% to $84.6 million during the three months ended June 30, while net loss narrowed to $3 million.
In May, the company had announced its president, Larry Katz, would takeover as the CEO in October.
Holders of roughly 55% of MeridianLink's shares have agreed to vote in the favor of the transaction, which is expected to close in the second half of 2025.
Centerview Partners and J.P. Morgan are advisers to MeridianLink on the deal, while Goldman Sachs is advising Centerbridge.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Car
a minute ago
- Auto Car
Czinger plots MORE variants of its radical 1233bhp hypercar
American firm Czinger, renowned for its radical 3D-printing approach to car manufacturing, has scrapped plans for a multi-model strategy and will focus on increasing the life of its 1233bhp 21C hypercar. Speaking to Autocar, new CCO George Biggs said previously announced plans for a striking grand tourer – previewed in 2022 by the Hyper GT concept – and a Lamborghini Urus-inspired SUV were no longer in the timeline. Both new models would have been mechanically related to the 21C and used the same twin-turbocharged 2.88-litre hybridised V8. Biggs said: 'If you look at the portfolio, the Czinger brand needs to be something which is very high-end that has a sustainability to it. And I think if you want to chase the market trends [such as the current demand for SUVs], you're going to find it tricky over the long term. 'If you look at brands over the past 15 years, certainly in the luxury space, who've had a very clear vision and execute against that vision, they really have had success. And I think from a hypercar perspective, we can bring a very, very different philosophy and concept that should appeal, and then you build upon that in a way that makes sense to that customer base.' Instead, the California-based company will update the tandem-seat 21C with new iterations 'into and beyond 2035'. This could for example include, Biggs said, variants with a 'more traditional seating arrangement' or an even more radical performance positioning that build on the track-honed 21C V-Max (below) – production of which will begin next year following the conclusion of the standard car's 88-car run. How different could these variants become? Bigg said: 'Occasionally I'll wander around and go and pester an engineer and ask 'if you had no constraints, where would you go?'. And they come out with these fantastic ideas, and they all sit on our technology roadmap. So a greater application of the technology that we use.
Reuters
2 minutes ago
- Reuters
Indian tyre maker MRF's quarterly profit slips on higher rubber prices
Aug 12 (Reuters) - Indian tyre maker MRF ( opens new tab reported a nearly 14% drop in first-quarter profit on Tuesday, pressured by higher rubber costs. Company's net profit fell to 4.84 billion rupees ($55.24 million) for the quarter ended June 30, compared with 5.63 billion rupees last year. Revenue from operations rose 6.8% to 75.6 billion rupees, while total expenses increased 9.8%, driven largely by a 6.4% rise in the cost of materials consumed, which accounts for more than half of overall expenses. Shares of MRF dropped 3.5% following the earnings announcement. For further earnings highlights, click (Full Story) KEY CONTEXT Tyre manufacturers such as MRF, which supplies to automakers including Hyundai Motor India ( opens new tab and Bajaj Auto ( opens new tab, rely heavily on vehicle sales for a significant portion of their revenue. Total vehicle sales in the country slipped 5.1% in the reported quarter, compared with a 16.4% growth in the year-ago period. A surge in domestic rubber prices weighed on tyre manufacturers' first-quarter earnings, analysts said. Rivals CEAT ( opens new tab missed its quarterly profit estimate last month, while Goodyear India ( opens new tab reported a lower profit on Monday, pressured by weak auto demand. PEER COMPARISON * The mean of analysts' ratings standardised to a scale of "Strong Buy", "Buy", "Hold", "Sell", and "Strong Sell". ** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT. - All data from LSEG -- $1 = 87.6160 Indian rupees
Reuters
2 minutes ago
- Reuters
UK manufacturing firm Spirax jumps on forecast for faster second-half sales growth
Aug 12 (Reuters) - Shares of Spirax Group (SPX.L), opens new tab rose more than 15% on Tuesday after the British manufacturing company said it expects organic sales growth to accelerate in the second half of the year, following a 3% rise in the first half.
