Private equity firm Vista Equity Partners is exploring an acquisition of Coupa Software, Bloomberg News reported on Wednesday, citing people familiar with the matter.
Shares of the software firm, which had a market capitalization of nearly $3.5 billion as of Tuesday close, surged 27% to $58.15 following the report.
Vista has held talks with Coupa, which is working with an adviser, according to the report, adding that private-credit lenders could provide financing for a potential deal.
The development comes when private equity buyers have ramped up their take-private activities as valuations of public tech companies have dropped due to a broader equities selloff, triggered by high inflation and a tightening monetary policy.
