“Combining with Vista and TIBCO will ensure we remain at the forefront of the next generation of intelligent automation,” said Jason Kingdon, chairman and CEO of Blue Prism.
“We can expand the range of products we offer our customers, with TIBCO’s global footprint and technologies; and, as a privately owned company, we will also have greater access to capital to pursue new growth opportunities via product investment and other potential M&A.”
The price for Blue Prism marks a major discount to U.S.-based rivals such as UiPath, the New York-listed company with a $28 billion market cap, and Automation Anywhere, which was last privately valued at $6.8 billion.
Shares of Blue Prism sank 2.6% Tuesday morning.
Activist investor Coast Capital had expressed concern about the valuation of the company amid speculation it was set to be taken over by private equity buyers.
However Coast, which owns approximately 3% of Blue Prism, recently came out in support of an acquisition.
“Coast will be supportive of whatever deal gives the company the best opportunity to improve its prospects,” the firm’s founder, James Ratesh, told Bloomberg last week.