Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Websense (NASDAQ:WBSN) were skyrocketing today, up as much as 29% after the web-security specialist agreed to be bought out for $907 million.

So what: Vista Equity Partners offered to take Websense private for $24.75 a share, or the equivalent of $907 million, all in cash. The Websense board said it had explored proposals from several potential acquirers, and the offer represents a 29% premium over Websense's closing price on Friday at $19.23. Websense has been in the process of converting from a web-screening and blocking service to one focused on Internet security.

Now what: Websense's share price today has come within pennies of Vista's offering price, indicating a high level of confidence that the deal will go through as agreed. The deal looks like a win for Websense shareholders, as the stock price is now double nearly what it was last fall. From here the question seems to be what implications the buyout has for other web-service companies.

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