Coupa Software Stock Is Soaring Today: What's Going On?

Coupa Software Inc COUP shares are trading higher Monday after the company announced it will be acquired by Thoma Bravo for $8 billion. Coupa also reported its third-quarter financial results.

What Happened: Coupa entered into a definitive agreement to be acquired by Thoma Bravo in an all-cash transaction with an enterprise value of $8 billion. Under the terms of the agreement, Coupa shareholders will receive $81 per share in cash.

The transaction is expected to close in the first half of 2023. Upon completion, Coupa will become a privately held company.

What Else: Coupa reported third-quarter revenue of $217.3 million, which beat average analyst estimates of $213.33 million, according to Benzinga Pro. The company reported third-quarter earnings of 15 cents per share, which beat estimates of 10 cents per share.

Coupa is a cloud-based provider of business spending management solutions. 

See Also: US Stocks Poised To Open Week Higher Even As CPI, Fed Catalysis Loom

COUP Price Action: Coupa has a 52-week high of $166.21 and a 52-week low of $40.30.

The stock was up 26.9% at $78.76 at time of publication, according to Benzinga Pro.

Photo: Innova Labs from Pixabay.