Customer service as-a-service vendor Zendesk has announced it will allow itself to be acquired for $10.2 billion by a group of investors led by private equity firm Hellman & Friedman, investment company Permira, and a wholly-owned subsidiary of the Abu Dhabi Investment Authority.
The decision is a little odd, in light of the company's recent strategic review, announced on June 9th, which saw the board unanimously conclude "that continuing to execute on the Company's strategic plan as an independent, public company is in the best interest of the Company and its stockholders at this time."
That process saw Zendesk chat to 16 potential strategic partners and ten financial sponsors, including a group of investors who had previously expressed conditional interest in acquiring the company. Zendesk even extended its discussions with some parties but eventually walked away after "no actionable proposals were submitted, with the final bidders citing adverse market conditions and financing difficulties at the end of the process."