Insight Venture Partners Announces its Move to Acquire Diligent Corporation

By CIOReview | Thursday, February 18, 2016
722
1243
245

NEW YORK, NY: Insight Venture Partners, a global venture capital and private equity firm investing in high-growth software, internet and data services companies plans to acquire Diligent Corporation through a definitive agreement. Diligent Corporation deals in secure online collaboration and document sharing solutions for boards, committees and leadership teams.

“After a careful review of strategic alternatives, the Diligent Board of Directors determined that the terms offered by Insight represent a transaction that is in the best interest of stockholders,” said David Liptak, Chairman, Diligent.

Through this acquisition Diligent looks forward to fuel its financial flexibility so as to execute its long-term vision, implicating mutual benefit for both clients and employees. Brian Stafford, CEO and President, Diligent, stated, “Our game plan will not change as a private company – to be the leading provider of collaboration software for boards, committees, and leadership teams. Insight will be a great partner to the Diligent team as we continue to help leading organizations around the world collaborate securely.” The business shall be taken care of under the leadership of Stafford and the current senior management team after the transaction is done.

Diligent client base extends over 3,500 and also had recently acquired Thomson Reuters’ BoardLink business. Insight Venture Partners extends its support to the partnership to help grow their product offerings and client base globally. “We look forward to working with Brian and the rest of the talented team at Diligent to accelerate the Company’s progress in the large and growing communications and collaboration market” said Deven Parekh, Managing Director, Insight Venture Partners.