SUMO - Sumo Logic bumps up on report it could be sold for $1.7B
- Sumo Logic ( NASDAQ: SUMO ) shares climbed 2% in after-hours trading Wednesday amid reports that the cloud-based software-as-a-service company is close to being sold for $1.7B.
- Private-equity firm Francisco Partners as said to be close to finalizing a deal to acquire Redwood City, Calif.-based Sumo Logic for between $12 and $13 a share. Sumo Logic ( SUMO ) specializes in cloud-based software that businesses use for network monitoring for and security. Sumo Logic ( SUMO ) finished Wednesday with a market cap of about $1.5B
- According to a report from the Wall Street Journal , the acquisition could be announced as early at Thursday. The Journal said Francisco Partners focuses on investing in tech companies and buying out specific company assets.
- Wall Street analysts and Seeking Alpha authors both have consensus buy ratings on Sumo Logic's ( SUMO ) stock, while Seeking Alpha's Quant System, which historically outperforms the stock market, gives Sump Logic ( SUMO ) a rating of strong buy.
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Sumo Logic bumps up on report it could be sold for $1.7B