SUMO - Why Sumo Logic Stock Zoomed 55% Higher This Week
The beaten-down shares of cloud data intelligence company Sumo Logic (NASDAQ: SUMO) jumped by almost 55% in value this week, according to data compiled by S&P Global Market Intelligence . That was logical, as rumors swirled around the stock about buyout interest from not one, not two, but three private equity firms.
Those rumors kicked off strongly on Monday with a report in The Information saying Sumo Logic had drawn the interest of the three firms. Citing "a person familiar with the matter," the site said that Thoma Bravo, Vista Equity Partners, and Francisco Partners have all contacted Sumo's CEO Ramin Sayar inquiring about a potential buyout.
That article caused quite a stir in the Sumo world, which was maintained throughout the week. Neither Sayar nor any other executive at Sumo has yet commented on the speculation. The three mentioned firms are also keeping mum about it.
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Why Sumo Logic Stock Zoomed 55% Higher This Week