Silver Lake has agreed to acquire Zuora, a Silicon Valley-based enterprise software company in a $1.7 billion take-private deal.

GIC is also participating in the transaction.

When the deal closes, Zuora will no longer trade on the New York Stock Exchange.

According to terms of the agreement, Silver Lake and GIC will acquire all outstanding shares of Zuora common stock for $10 per share in cash.

"This investment underscores our confidence in Zuora as the clear leader of monetization solutions for modern recurring revenue businesses," said Joe Osnoss, managing partner at Silver Lake and Mike Widmann, managing director at Silver Lake in a statement. "Building upon our long-term partnership with GIC, we look forward to collectively supporting management as they continue to deliver solutions that enable their more than 1,000 customers to unlock and grow customer-centric business models."

The transaction is expected to close in the first calendar quarter of 2025.

Tien Tzuo, Zuora's founder, CEO and chairman of the board, will roll over a majority of his existing ownership. Tzuo will continue to lead the company, which will maintain its headquarters in Redwood City.

Silver Lake targets the global technology sector. The firm has more than $104 billion in combined assets under management and committed capital.

Headquartered in Singapore, GIC was established in 1981.