29 02 2016

Insight Venture Partners to Acquire Diligent for $624 million

Willkie client Insight Venture Partners has agreed to acquire New Zealand software company Diligent Corporation for US$4.90 per share in cash, valuing Diligent at approximately US$624 million.


Insight’s acquisition of Diligent, which debuted on the New Zealand Stock Exchange in 2007, reflects an increase of take-private deals in the wake of market volatility worldwide. Diligent is the leading provider of secure corporate governance and collaboration solutions for boards and senior executives. More than 3,500 clients in more than 60 countries and on all seven continents rely on Diligent to provide secure, intuitive access to their most time-sensitive and confidential information. Diligent is a publicly listed company (NZX: DIL) with nearly US$100 million in annual recurring revenue, based on previously reported revenue retention rates. Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. The Firm, led by Jeffrey L. Horing, Jerry F. Murdock Jr., Mark Lessing, Eric Goldstein and Peter Sobiloff is based in New York. The Diligent Board of Directors has unanimously approved the transaction and resolved to recommend that stockholders vote in favor of the agreement. The Willkie deal team was led by partners Gordon Caplan (Picture), Morgan Elwyn and Thomas Mark, and included partners David Tarr, Jordan Messinger, Hillel Jacobson and Daniel Alvarez; counsel Kim Walker and Ajanaclair Lynch; associates Jonathan Kubek, Caleb Vesey, Halie Klein, Hyejin Jennifer Kim, Meredith Levy, Timothy DeKeyser, Jacob Moss, Daniel Bumpus and Eric Schmidt; and law clerks Peter Coulson and Eric DiMuzio. Involved fees earner: Gordon Caplan - Willkie Farr & Gallagher; Morgan Elwyn - Willkie Farr & Gallagher; Thomas Mark - Willkie Farr & Gallagher; Ajanaclair Lynch - Willkie Farr & Gallagher; Jonathan Kubek - Willkie Farr & Gallagher; Caleb Vesey - Willkie Farr & Gallagher; Halie Klein - Willkie Farr & Gallagher; David Tarr - Willkie Farr & Gallagher; Jordan Messinger - Willkie Farr & Gallagher; Hyejin Jennifer Kim - Willkie Farr & Gallagher; Hillel Jacobson - Willkie Farr & Gallagher; Meredith Levy - Willkie Farr & Gallagher; Daniel Alvarez - Willkie Farr & Gallagher; Daniel Bumpus - Willkie Farr & Gallagher; Kim Walker - Willkie Farr & Gallagher; Timothy DeKeyser - Willkie Farr & Gallagher; Jacob Moss - Willkie Farr & Gallagher;

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