Technology-focused investment firms Silver Lake Partners and Thoma Bravo teamed up to complete the buyout of the IT management software company in a deal worth $60.10 per share.

The purchase price represents a 43.5% premium on the closing price of SolarWinds common stock on October 8, the day prior to its announcement that it was exploring “strategic alternatives”.

SolarWinds chief executive Kevin B Thompson said the deal will provide the company with additional flexibility to deliver for its customers.

“This transaction recognises the strength of our unique business model and provides our shareholders with immediate and substantial cash value at a compelling premium.

“Becoming a private company will provide SolarWinds with optimal operating flexibility to execute on its long-term strategy of providing superior products for IT and [development and operations professionals] all over the world,” said Mr Thompson.

SolarWinds established its international headquarters in Mahon on the southside of Cork City, becoming the first tenant of the City Gate campus in 2007.

Solarwinds goes private for .5bn, Silver Lake and Thoma Bravo, closes 2016Q1 - https://t.co/RMBbKxZ6MD - The NetIQ/Quest play lives! — Michael Coté (@cote) October 22, 2015

Having started with just two employees, the company now employs close to 220, having announced an additional 100 jobs towards the end of last year.

Its strong expansion and continued success here saw SolarWinds scoop the prestigious Cork Company of the Year award from Cork Chamber of Commerce at the beginning of this year.

Accepting the award in February, David Owens, SolarWinds’ senior vice-president of finance and operations international, said his team was honoured by the recognition.

“The award reflects the tremendous effort and commitment of all our employees and signifies a major milestone in our ongoing, long-term investment in Cork and the Cork community,” Mr Owens said.