Executives with Austin-based software maker Bazaarvoice said Thursday they have completed the company’s sale to Marlin Equity Partners, a Los Angeles-based private equity firm.
The sale's close comes after Bazaarvoice shareholders on Monday voted overwhelmingly to approve the sale.
The deal called for Marlin Equity Partners to acquire all outstanding common stock of Bazaarvoice for $5.50 in cash for a total of $521 million.
With completion of the sale, Bazaarvoice becomes a privately held company and its shares stopped trading on the Nasdaq exchange. Bazaarvoice executives previously said that following the sale, they planned to keep the company's corporate headquarters in Austin. Bazaarvoice has about 600 employees at its global headquarters in North Austin. The company has 790 employees worldwide.
“Our long-term strategy is to help brands and retailers around the world use CGC to enhance the customer experience and stand out in the constantly changing digital environment,” Gene Austin, CEO and president of Bazaarvoice, said in a written statement. “Marlin has a strong history of growing businesses in the software sector and we are excited to have a partner that is supportive of our vision to bring innovative e-commerce and data-driven solutions to market faster and more efficiently.”
Founded in 2005 by tech industry veterans Brett Hurt and Brant Barton, Bazaarvoice initially focused on selling software that lets businesses add reviews to their websites.
In recent years, the company expanded its offerings to let brands and retailers analyze reviews, ratings, videos and other content posted by customers about their products.
The company raised $114 million in an initial public offering in 2012. Before its IPO, Bazaarvoice was backed by investors including Austin Ventures, Battery Ventures and Eastern Advisors.
The deal is the second publicly held Austin software maker to be acquired by a bigger player. In May, RetailMeNot, one of Austin’s most high-profile software companies, was purchased by Harland Clarke for about $630 million.
But Austin also added a publicly traded software firm. In November, SailPoint Technologies, which sells cybersecurity software, raised $240 million in its initial public offering.
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