Private equity group EQT has taken a majority equity stake in Sitecore, the Danish customer experience management software company, buying out its founders, Technology Crossover Ventures and other minority shareholders in a transaction that values the tech company at approximately €1 billion.
Before you ask, no, it's not an April Fools joke, and an EQT spokesperson said it would have been 'inappropriate' to wait until next week to come out with the news.
Sitecore says it generates revenues of around €200 million at an EBITDA margin of approximately 25%, employing close to 800 staff across Europe, North America and Asia Pacific.
The transaction is subject to approval by regulatory authorities and is expected to close in Q2 2016.
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