Zuora, a billing software firm, has agreed to an acquisition by Silver Lake and GIC.

The deal values Zuora at roughly US$1.7 billion, transitioning it to private ownership.

The acquisition is expected to complete in early 2025, subject to standard regulatory and stockholder approvals.

Silver Lake and GIC will buy all outstanding shares of Zuora’s stock at US$10 per share in cash, higher than the company’s recent stock price.

A Special Committee of independent directors and the Zuora Board of Directors have approved the transaction, awaiting stockholder approval.

Founder and CEO Tien Tzuo will stay involved, continuing as a significant investor and leader post-acquisition.

After the deal, Zuora will not be publicly listed, but operations will proceed at its Redwood City base.