Software firm Apptio to be bought by Vista Equity Partners for $1.94 billion

(Reuters) - Software company Apptio Inc said on Sunday it had agreed to be bought by private equity firm Vista Equity Partners for about $1.94 billion in cash.

Apptio shareholders will receive $38 per share, a premium of about 53 percent to its last close. The deal that has been approved by the company's board, Apptio said.

The agreement includes a 30-day "go-shop" period, which allows Apptio board and advisers to consider alternative offers, the company said.

The deal is expected to close in the first quarter of 2019 and Apptio will remain headquartered in Bellevue, Washington, it said.

Qatalyst Partners served as Apptio's financial adviser, while Wilson Sonsini Goodrich & Rosati served as its legal adviser. Kirkland & Ellis LLP was the legal adviser to Vista.

The Wall Street Journal earlier reported on the deal.

(Reporting by Ismail Shakil in Bengaluru; Editing by Gopakumar Warrier)