The software company, which provides data validation and compliance software to pharmaceutical manufacturers, said Monday it had agreed to be acquired by the Chicago-based private equity firm, almost five years after first being listed on the TSX. (The Logic) 

Talking point: The deal is the latest example of a TSX-traded tech company abandoning the public markets. A swath of the tech companies that went public on the TSX during the 2020 and 2021 market boom have gone private. Thoma Bravo has been particularly active in the space, acquiring Canadian digital forensics firm Magnet Forensics for $1.8 billion in 2023, less than two years after its IPO and agreeing to buy HR management software company Dayforce in a US$12.3-billion deal last year. The offer represents a 40 per cent premium to its closing share price on May 8, the last trading day before the company disclosed it was conducting a strategic review. CIBC World Markets acted as financial adviser to Kneat, while both CIBC and ATB Cormark Capital Markets provided fairness opinions on the transaction.