Quest Software (NASDAQ: QFST), a maker of enterprise management software, has agreed to sell itself to Insight Venture Partners after the firm partnered with Vector Capital to raise its initial offer from $2 billion to $2.17 billion in order to outbid a competing offer made by Dell. The transaction will include $187 million in equity from each of the PE firms, $1.2 billion in debt financing and a rollover of the vast majority of shares held by CEO Vinny Smith, who currently owns 34% of the company. The new merger agreement includes a revised termination fee of $25 million, a 400% increase over the previous arrangement.
Aliso Viejo, CA
Developer of enterprise management software