Riverbed Technology, the enterprise tech company that has been under pressure from activist investors, said Monday it would sell itself to private equity firm Thoma Bravo for $21 per share in cash.
The deal is worth $3.6 billion in total, and offers shareholders a 12 percent premium to Friday's closing price.
Earlier this year, Paul Singer's activist hedge fund firm Elliott Management offered to buy the company for $19 per share, a move that was seen by analysts as a push for the company to sell itself.
"As Riverbed's largest shareholder, we're delighted with this outcome that gives shareholders immediate, premium value," Jesse Cohn, head of U.S. equity activism for Elliott, said in a statement.
"Elliott offered to buy Riverbed nearly one year ago and we commend [co-founder and CEO] Jerry [Kennelly] and the rest of Riverbed's board for taking this bold step. Thoma Bravo has also proven once again that they are a great partner for technology companies seeking their next phase of growth outside the public markets. Congratulations to all."