TPG and Francisco have agreed to purchase the software monitoring firm New Relic in a $6.5 billion deal that will bring the company to the private sector.

TPG and Francisco agreed to pay $87 per share of the company which was a 15% premium on New Relic’s closing price on May 16, the day before media caught wind of the potential deal. Since then, New Relic’s share price rose by 13% following the announcement of the finalized deal leaving the price at $83.85 Monday morning.

New Relic provides cloud-based software that allows websites and mobile apps to monitor servers and databases to better understand user interactions to better identify the pros and cons of the interface.

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‍Source: Wall Street Journal