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 Active Network (ACTV) surged 26% this morning after private equity firm Vista Equity Partners agreed to acquire the cloud-based services provider for about $1.05 billion.

So what: The all-cash deal values Active Network at $14.50 per share and represents a premium of about 27% to its Friday closing price. Active Network's strong competitive position makes it a particularly "attractive investment" for Vista, reinforcing the secular growth tailwinds working in the cloud computing space's favor.

Now what: Active expects the deal to close before the end of the fourth quarter, contingent upon meeting a minimum tender condition, as well as regulatory approval. "This announcement represents a very positive event for our stockholders and allows ACTIVE to build on its success to date," said Jon Belmonte, interim CEO of Active. "We believe the partnership with Vista will position us to execute on our strategy and further enhance our industry leadership." So while Active Network shares are likely all popped out at this point, other smallish cloud plays like Guideware and Demandware might be buyout bait worth looking into.