Haveli Investments will acquire Couchbase for about $1.5 billion, the companies said on Friday, as the private equity firm looks to capitalize on the artificial intelligence-focused database company’s platform.
Couchbase’s shares, which have gained 21 per cent this year, were up 29 per cent in early trading following the news.
The company’s cloud-based database powers AI-related applications that need a flexible data model and easy scalability.
Couchbase is part of a group of modern database companies — including MongoDB , Cockroach Labs, Snowflake and Databricks — challenging legacy players such as Oracle .
New database technologies make it easier and faster to store, manage and use a large amount of unstructured data that modern AI systems require.
Haveli Investments, founded by former Vista Equity Partners president Brian Sheth, will pay Couchbase shareholders $24.50 per share, which represents a premium of about 29 per cent to the stock’s last close price.
The private equity firm has a 9.6 per cent stake in Couchbase, according to data compiled by LSEG.
It may engage with Couchbase’s management or board to explore strategic options, including a potential merger, according to a March filing with the U.S. SEC.
The agreement includes a go-shop period that ends on Monday, during which Couchbase can consider alternate offers.