The Deal is said to be worth around $670 Million in cash or $17.40 per share.The transaction is subjected to customary closure, which includes the regulatory and Apigee stockholders’ approval. This deal is expected to close by the end of the calendar year 2016 (CY16).
Google SVP of cloud business Diane Greene explained that this acquisition will allow the company to go beyond the traditional way of communicating, such as phone calls or visits; instead, the communications are carried out programmatically via application programming interfaces (APIs). These services allow companies to communicate with mobile and web-based apps through a backend service. Ms. Greene said: “Apigee easily enables this by providing a comprehensive API platform that supports secure, stable, multi-language, dev, test, publish, and analytics capabilities.”
“We’re deeply grateful to you, the amazing customers, partners, and developers who use Apigee. Working together so closely has helped us deeply understand your needs and we are humbled by what we’ve learned from you. We can’t wait to see how much better and faster we can be with Google.” noted chet Kapoor, Apigees CEO.
Who are Apigee?
Founded in 2004, San Jose-based Apigee went public in April 2015, popping 17 percent on its NASDAQ debut after raising $87 million in the IPO. Its shares were more or less in free-fall until February this year, when it hit a $5 low, but it has steadily risen again, and, as of yesterday, was roughly at its IPO level.
APIs define how one program works with another, allowing apps and websites to interact with third-party providers. As an example, Google offers businesses and customers to incorporate its Google Maps API to their own websites.