TLDR Tech / Founders
Domo's Unusual $400M Acquisition
Usually, an acquisition means selling the company. Domo is selling almost everything that makes it Domo and keeping the public company alive. After it broke a debt covenant, its lender gave it until July 31 to sign a deal. Progress Software is paying $400 million for the software, customers, and IP. What remains will have about $246 million in cash and $900 million in tax losses it can use against future profits. Progress gets the business. Domo's management gets another shot at buying something else.
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