Dublin, Ireland – September 11, 2024 – K1 Investment Management, a private equity firm,announced on Tuesday that it has completed the acquisition of MariaDB, a popular open-source relational database management system. The deal, which saw K1 acquire 100% of MariaDB, resulted in the company being delisted from the New York Stock Exchange (NYSE).
MariaDB, a fork of the widely used MySQLdatabase, was initially developed as an alternative to MySQL after it was acquired by Oracle. The company’s mission has been to maintain an open-source, MySQL-compatible database solution. MariaDB went public in December 2022through a merger with special purpose acquisition company (SPAC) Angel Pond Holdings Company (APHC).
Despite its initial success, MariaDB faced challenges in the market, with its stock price consistently trading below $1 for a prolonged period.This led to a warning from the NYSE and ultimately paved the way for K1’s acquisition. The private equity firm reportedly offered $0.55 per share, valuing the deal at approximately $37 million.
K1, known for its focus on investing in small and medium-sized enterprise (SME)software companies, has a portfolio of over 240 businesses. The firm’s acquisition portfolio generated over $2.1 billion in revenue last year, representing more than 85% of its net asset value.
Following the acquisition, MariaDB appointed Rohit de Souza as its new CEO. De Souza will be responsible fordriving product innovation and delivering high-quality enterprise solutions. Paul O’Brien, the previous CEO, will remain with the company as an advisor.
We are excited to welcome MariaDB to the K1 portfolio, said K1 Managing Partner, [Name of Managing Partner], in a statement. MariaDB is a leadingopen-source database solution with a strong track record of innovation and customer satisfaction. We believe that K1’s resources and expertise will help MariaDB accelerate its growth and reach its full potential.
The acquisition of MariaDB by K1 signifies the continued consolidation in the database market. While MariaDB has faced challenges in recentyears, its open-source nature and strong community support make it a valuable asset for K1’s portfolio. The private equity firm’s experience in scaling software businesses could provide MariaDB with the resources it needs to expand its reach and compete more effectively in the market.
About MariaDB
MariaDB is ahigh-performance, open-source relational database management system (RDBMS) that is compatible with MySQL. The company provides a wide range of database solutions for businesses of all sizes, including cloud-based, on-premises, and hybrid deployments. MariaDB is used by over 700 customers across various industries,including finance, telecommunications, government, healthcare, and e-commerce. Some of its notable clients include Deutsche Bank, Red Hat, Nokia, and Samsung.
About K1 Investment Management
K1 Investment Management is a private equity firm that invests in high-growth, enterprise software companies. The firm has a long historyof successful investments in the software sector, and its portfolio companies have generated over $2.1 billion in revenue in the past year. K1’s team of experienced professionals provides its portfolio companies with strategic guidance, operational support, and access to its extensive network of industry contacts.
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