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The share price of Datto Holdings (NYSE: MSP) , a security and cloud-based software solutions company, skyrocketed this morning after the company announced that it will be acquired by Kaseya, an IT management and security company.
The tech stock was up by 20.9% as of 11:58 a.m. ET.
Datto's management said in a press release that it had entered into an agreement to sell the company to Kaseya in a $6.2 billion all-cash deal. Existing Datto shareholders will receive $35.50 per share as part of the transaction.