What happened

Shares of Apptio (NASDAQ: APTI), a cloud-based business management system company, skyrocketed 47.3% in November, according to data provided by S&P Global Market Intelligence, after the company entered into an agreement to be purchased by an affiliate of the investment firm Vista Equity Partners.

So what

The deal was announced on Nov. 12, and the news immediately sent shares climbing more than 50%. They have remained mostly unchanged since then.

Apptio's management said in a press release last month that Vista will buy all outstanding shares of Apptio's common stock at $38 per share -- a value of $1.94 billion -- which represented a 53% premium to the stock's closing price prior to the announcement.

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Image source: Getty Images.

Apptio's co-founder and CEO, Sunny Gupta, said in a statement that, "Since founding, our focus has been on building the next great cloud software platform by dedicating ourselves to helping companies of all sizes and industries manage, plan, and optimize technology investments across their hybrid IT environments."

Gupta added that management was "thrilled to provide immediate liquidity to our shareholders at a significant premium to market prices" with the Vista deal.

Now what

Apptio's Board of Directors has already unanimously approved the deal and has recommended that shareholders approve it as well. There is a 30-day "go-shop" period in the agreement, which allows Apptio's board to solicit and entertain acquisition offers from other companies. But Apptio's management expects the deal to close in the first quarter of 2019 if shareholders approve the acquisition.