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Zendesk Is Working With Adviser Qatalyst on Potential Sale

Liana Baker, Scott Deveau and Katie Roof
·1 min read

(Bloomberg) -- Zendesk Inc., a software company that became a takeover target during a failed purchase of SurveyMonkey’s parent, is exploring a potential sale, according to people familiar with the matter.

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The San Francisco-based company has brought on a new adviser, Qatalyst Partners, and has reached out to potential buyers including software companies and private equity firms, said the people, who asked to not be identified because the situation is private. A final decision hasn’t been made and Zendesk could opt to remain independent, the people added.

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A representative for Qatalyst couldn’t be reached for comment. A spokesperson for Zendesk declined to comment.

Zendesk rose 6.3% to $129.29 at 10:46 a.m. in New York trading Tuesday, giving the company a market value of about $15.8 billion.

Zendesk had put itself in play after trying to buy SurveyMonkey parent Momentive Global Inc. Zendesk nixed that takeover in February after shareholders in both software companies questioned the merits of the deal.

Zendesk said in a statement that month that it had received an unsolicited proposal from private equity firms that valued it at $127 to $132 a share, without disclosing the names of the bidders. Bloomberg News reported the consortium included Hellman & Friedman, Advent International Corp. and Permira.

The failed Momentive deal left Zendesk vulnerable to activist pressure.

Jana Partners has been pushing the company to significantly change its board, including by appointing its four director nominees. The investment firm has said in the absence of that board change, Zendesk should be sold.

(Updates with share gain in fourth paragraph)

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