GIC, a Singapore sovereign wealth fund, and Silver Lake, a global technology investor, have finalized their acquisition of Zuora, a US-based billing software company, for $1.7 billion. Shareholders approved the all-cash deal at $10 per share, leading to Zuora's delisting from the New York Stock Exchange, as its Class A common stock will no longer trade.

Following the acquisition, Zuora will continue under the leadership of its CEO and founder, Tien Tzuo, who is maintaining a significant portion of his ownership in the company. Silver Lake has been involved with Zuora since 2022, when it made a strategic investment of $400 million.

Founded in 2006, Zuora serves over 1,000 clients globally, including major corporations like Caterpillar, General Motors, Schneider Electric, Siemens, and Zoom. The company specializes in software solutions for managing subscription-based billing and employs more than 1,200 people across offices in North America, Europe, China, India, Japan, and Australia.

Zuora went public in 2018, raising $154 million and achieving a valuation of $1.44 billion, with its shares debuting at $14 each. This acquisition marks a significant shift for the company as it transitions from a publicly traded entity to a private one.

This collaboration between GIC and Silver Lake is not new; they previously partnered in 2016 to acquire stakes in Ancestry.com for $2.6 billion. They later sold the company to Blackstone for $4.7 billion in 2020, showcasing their successful track record in private equity investments.