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MariaDB could be taken private in $37M deal

 

The 'non-binding' proposal comes 14 months after MariaDB went public via SPAC


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.

K1 quietly revealed on Friday that it had tabled what is known as an “unsolicited non-binding indicative proposal” for MariaDB, which — as its name suggests — is a non-binding exploratory offer that may change depending on how negotiations progress in the coming weeks. This proposal includes buying all MariaDB stock at a price of $0.55 per share, which would amount roughly to $37 million based on the company’s February 5 closing valuation, though it has yet to determine what form this offer will take.

The news comes amid major changes and upheaval at the company which has seen a new CEO enter the fray and a sizeable downsizing endeavor as it offloaded both its database-as-a-service and geospatial businesses.

Forked off

MariaDB emerged as a fork of MySQL 15 years ago, after MySQL’s project creators became concerned about its independence in the wake of a series of billion-dollar acquisitions that led Oracle to effectively own MySQL in 2009. MariaDB was considered a “drop-in” replacement for those seeking a fully open source MySQL alternative, and has been used by big-name companies for storing and manipulating data across their applications.

The commercial entity behind MariaDB raised roughly $230 million in venture funding through the years to develop premium features and services on top of the core project, eventually going public in December 2022 via a special purpose acquisition company (SPAC). As with just about most SPAC-based IPOs, MariaDB’s floatation has been far from a resounding success, falling from an opening day market cap of $445 million in late 2022 (which itself was down considerably on its previous private enterprise value of $672 million at its Series D round) into a perennial nosedive that has seen it hover at just over the $10 million mark since the turn of the year.

At the heart of all this has been a string of sub-par earning reports, with the New York Stock Exchange (NYSE) warning MariaDB in September that it wasn’t in compliance with listing rules that stipulate a company’s average global market capitalization can’t fall below $50 million over a consecutive 30-day trading period.

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.

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