Apptio CEO Sunny Gupta gets $196 million payday as private equity buyout closes
It’s a good day to be Sunny Gupta. The Apptio co-founder and CEO stood to make $196 million as the deal to take the company private was completed on Thursday.
Two months ago, private equity firm Vista Equity Partners said it would pay $1.94 billion for the Bellevue, Wash.-based company, which helps companies track their spending on IT and cloud services. Two days before the deal was announced, Gupta reported to regulators that he and his family trust owned a little over 5 million shares.
The $38 per share closing price was a 53 percent premium on the market value of Apptio’s shares. But Vista still managed to pay less than the all-time high of $41.23 that the stock reached over the summer before falling in a widespread market pullback.
Apptio did not respond to requests to confirm Gupta’s stake in the company.
“The resources and financial strength of Vista will allow Apptio to enter our next chapter of growth, maintain our commitment and passion for customers, and cement our leadership position in fueling digital transformation at hundreds of organizations of all sizes around the world,” Gupta said in a statement.
Vista’s deal was the largest IT takeover in the U.S. last year and ranked twelfth among all buyouts, according to PitchBook data.