New Relic, the US business software company targeted by activist hedge fund Jana Partners, is preparing to explore a potential sale following interest from private equity firms, sources familiar with the matter told Reuters.
The San Francisco-based company develops cloud-based software to help websites and application owners track the performance of their services. Founded in 2008, the company listed in the stock market in 2014. New Relic generated revenue of US$786 million in fiscal year 2022, up 18 per cent year-over-year, while its loss widened to US$229 million from US$171 million. It shares have lost half of its value since November 2021.
Source: News Formal (newsformal.com)
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