Shares of data analytics software company Sumo Logic Inc (NASDAQ:SUMO) jumped more than 28% on Monday following reports suggesting multiple private equity firms have expressed interest in a potential acquisition.
What Happened: According to a report from The Information citing a person familiar with the matter, equity firms, including Thoma Bravo, Vista Equity Partners and Francisco Partners have approached Sumo Logic showing interest in a potential takeover bid.
The report indicates that Thoma Bravo and Vista Equity have been actively searching for acquisition opportunities. The former recently raised more than $32 billion across multiple funds for takeover opportunities.
Sumo Logic shares saw increased retail interest in the wake of the report. The stock was among the top trending tickers on Stocktwits at the last check.
Sumo Logic’s average session volume over a 100-day period is approximately 942,000, according to Benzinga Pro. Monday’s session volume crossed the 10 million mark. Shares didn’t surge until late in the day. Benzinga Pro flagged the stock around 12 p.m. ET amid chatter that it was named a top pick by Zacks.
Check This Out: Benzinga’s Talk of the Town: Top Social Trending Stories You Need To Know
SUMO Price Action: Sumo Logic has a 52-week high of $12.67 and a 52-week low of $6.43.
The stock closed Monday up 28.7% at $9.87. It was hovering around $9.85 in after-hours at the time of publication.
Photo: courtesy of Sumo Logic.
