by MIchael J. Shapiro | October 02, 2013
Meetings technology provider Active Network, which owns StarCite, will be acquired by a private equity firm, the company announced. Vista Equity Partners, which focuses on investments in software, data and technology, will purchase the company for approximately $1.05 billion in cash. Active's board of directors voted unanimously to accept the offer, which equates to $14.50 per share or 111 percent of the year-to-date average closing price. "We are looking forward to working with the Active team and continuing to drive the next phase of Active's growth," said Vista CEO and founder Robert F. Smith in a statement. Active expects the transaction to close before the end of the fourth quarter this year, at which point it will become a privately held company. Third-quarter earnings should be announced Oct. 30, although Active won't hold a conference call to discuss them.