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“2021’s SPAC Craze Under Scrutiny: Examining MariaDB’s Potential Private Acquisition”

Handwriting Checks Spending Spac Money
However, by the time the merger was closed, much of the SPAC cash was nowhere to be found. The investors that chose to sell their shares in this way did better than anyone who stuck around, because MariaDB’s stock tanked sharply during its first day as a public company. In its SPAC pitch, the company forecast its annual recurring revenue (ARR) to reach $53 million in FY 2022, and $72 million in FY 2023. It also expected revenue of $47 million in FY 2022, and $64 million in FY 2023. In the first quarter of FY 2024, MariaDB reported revenue of $13.6 million, up from $12.8 million a year ago.

Possible alternative versions: 1. MariaDB Faces Takeover as Company Struggles with Database Market 2. Private Acquisition of MariaDB Looms as Troubled Database Firm Seeks $37M Deal 3. Database Giant MariaDB May be Going Private in $37M Buyout

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MariaDB is the subject of another potential takeover bid, as the company behind the eponymous open source relational database management system (RDBMS) confirmed it had received a provisional offer from California-based K1 Investment Management. In the months that followed, MariaDB received its first “unsolicited non-binding indicative proposal,” this time from existing investor Runa Capital which tentatively offered $0.56 per share in cash. Three weeks later, Runa stated that it wouldn’t be acquiring MariaDB after all, but instead an associate company called RP Ventures would be providing a $26.5 million loan. This news led MariaDB’s stock to more than double in a couple of days, which is why K1 is making its bid relative to MariaDB’s closing price before any forbearance agreement was announced. So in many ways, K1 is perhaps better suited to take over MariaDB than Runa was, even if it ultimately decides against it.

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