ESMT - Why EngageSmart Stock Is Soaring Today
2023-10-23 15:33:00 ET
EngageSmart (NYSE: ESMT) is seeing big gains in Monday's trading. The software specialist's share price was up 12% as of 3 p.m. ET according to data from S&P Global Market Intelligence .
EngageSmart published a press release before the market opened this morning that it was on track to be acquired by Vista Equity and bought out for approximately $4 billion, working out to a price of $23 per share.
Vista Equity's buyout price of $23 per share for EngageSmart represented a 14% premium compared to the software-as-a-service ( SaaS ) specialist's valuation at Friday's market close. The all-cash deal is expected to close in next year's first quarter. Based on EngageSmart's current share price, investors who bought the stock right now would see a gain of approximately 1.6% upon the buyout's completion.
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Why EngageSmart Stock Is Soaring Today