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SAN JOSE - Database technology provider Couchbase, Inc. (NASDAQ: BASE), which boasts impressive gross profit margins of ~88% and maintains a strong balance sheet with more cash than debt, announced Friday it has entered into a definitive agreement to be acquired by Haveli Investments in an all-cash transaction valued at approximately $1.5 billion.
Under the terms of the agreement, Couchbase stockholders will receive $24.50 per share in cash, representing a 67% premium to the closing stock price on March 27, 2025, and a 29% premium to the closing price on June 18, 2025. According to InvestingPro data, this offer comes after the stock has already delivered a strong return of over 22% in the past six months. Upon completion of the transaction, Couchbase will become a privately-held company.
The merger agreement includes a "go-shop" period expiring at 11:59 p.m. Eastern time on June 23, 2025, during which Couchbase can solicit alternative acquisition proposals.
"Couchbase has been at the forefront of modern database technology, empowering developers and enterprises to build high-performance applications," said Matt Cain, Chair, President and CEO of Couchbase.
Sumit Pande, Senior Managing Director at Haveli Investments, noted, "The data layer in enterprise IT stacks is continuing to increase in importance as a critical enabler of next-gen AI applications."
The transaction, which was approved by Couchbase’s Board of Directors, is expected to close in the second half of 2025, subject to customary closing conditions including stockholder and regulatory approvals.
Morgan Stanley & Co. LLC is serving as exclusive financial advisor to Couchbase, while Jefferies LLC is the lead financial advisor to Haveli Investments.
The information in this article is based on a press release statement from Couchbase.
In other recent news, Couchbase Inc reported solid first-quarter results, with revenue increasing by 10% year-over-year to $56.5 million, surpassing analysts’ estimates by approximately 1.7%. The company’s annual recurring revenue (ARR) grew by 21% to $252 million, driven by strategic account momentum and the adoption of its cloud-based offering, Capella. Capella’s ARR accelerated to 84% growth year-over-year, now representing 17% of the total ARR. Following these results, several analysts have adjusted their outlooks on Couchbase. Rosenblatt raised its price target to $22, maintaining a Buy rating, while Piper Sandler increased its target to $20, citing strong performance and strategic growth initiatives. UBS also adjusted its target to $20, expressing some concern over the divergence between ARR and overall revenue growth. William Blair reiterated an Outperform rating, noting an attractive valuation compared to SaaS peers. Truist Securities reaffirmed a Buy rating with a $21 price target, highlighting Couchbase’s regained momentum and increased full-year guidance.
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