Shareholders of Milwaukee-based ARI Network Services Inc. on Monday approved the $140 million sale of the company to San Francisco private equity firm True Wind Capital, and the acquisition was completed Tuesday.
The sales and marketing software company’s shareholders earned $7.10 in cash per common share in the transaction.
“We’re excited to embark on ARI’s next chapter as part of the True Wind family,” said Roy Olivier, president and chief executive officer of ARI. “We are now well-positioned to accelerate our pace of innovation and capitalize on future growth opportunities allowing ARI to cement its position as the leader in the markets we serve.”
“True Wind is very excited to add ARI to our portfolio and begin our partnership with Roy and his team,” said Adam Clammer, founding partner of True Wind Capital.
Shareholders also approved, by non-binding advisory vote, the compensation that will or may become payable to ARI’s named executive officers in connection with the acquisition. Olivier could be eligible for up to $3.8 million in “golden parachute” compensation, chief financial officer William Nurthen could receive $1.4 million and chief technology officer Robert Ostermann could receive $808,000. Both votes passed by a wide margin.
ARI is now a private company and will be delisted from the NASDAQ.
True Wind is not expected to make any changes at ARI; the executive team and all 420 employees will remain in their roles and it’s business as usual at ARI, a spokesperson said when the acquisition was announced.
True Wind Capital, which manages $560 million, invests in leading technology companies.
ARI reported fiscal 2016 revenue of $47.7 million.
