SciQuest Inc. agreed to be acquired by tech-focused private-equity firm Accel-KKR in a deal that values the business software company at roughly $509 million.

SciQuest holders will receive $17.75 a share, a 34% premium to Friday's close. Accel-KKR, which has a 4.9% stake in SciQuest, has been a shareholder since 2014.

SciQuest shares soared 33% to $17.61 to reflect the offer price. Through Friday's close, the stock is down 13% in the past 12 months.

SciQuest makes cloud-focused software that focuses on streamlining and lowering the cost of purchases between buyers and suppliers.

The company, which went public in September of 2010, would be taken private in the deal. Its headquarters would remain in Morrisville, N.C.

SciQuest's board approved the deal, which is expected to close in the third quarter. Under the agreement, the company may solicit competing bids during a 25-day "go-shop" period.

Write to Tess Stynes at tess.stynes@wsj.com

 

(END) Dow Jones Newswires

May 31, 2016 09:05 ET (13:05 GMT)

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