Vista Equity Partners will acquire Model N (NYSE: MODN) for approximately $1.25 billion, according to a news release.

Model N, founded in 1999 and based in San Mateo, Calif., is a provider of revenue optimization and compliance software for the life sciences and technology industries.

Vista Equity Partners, founded in 2000 and based in Austin, Texas, focuses its PE strategy on investing in enterprise software companies.

Under the terms of the agreement, Vista will acquire all the outstanding shares of Model N common stock for $30 per share. The acquisition is expected to close in mid-2024.