Marlin Equity Partners is set to buy Bazaarvoice for approximately $521 million.
The US-based ratings and reviews solutions venture will become a subsidiary of the investment firm, according to a Monday securities filing. “The Board of Directors appreciates the patience that our stockholders have shown as we’ve worked to improve our business and operations,” says Tom Meredith, Chairman of the board. “The Board ultimately decided, after extensive engagement with stockholders and an extended and thorough process, that Marlin’s offer to acquire Bazaarvoice is the best way to maximise value for our stockholders.”
“This transaction represents a unique opportunity to invest in a leading provider of consumer generated content applications and data offerings,” comments Nathan Pingelton, a principal at Marlin. “We are excited to partner with the entire Bazaarvoice team to build upon the company’s success and support their long-term objectives of continued revenue growth and product innovation.”
Meanwhile, shareholder rights law firm Johnson Fistel has launched an investigation into whether the board members of Bazaarvoice breached their fiduciary duties in connection with the proposed sale of the company. Further details here.