to SAS Institute Inc. to buy have ended after the close-knit software company’s founders changed their minds about a sale, people familiar with the matter said.
The Wall Street Journal reported Monday that the companies discussed a deal that would value SAS in the $15 billion to $20 billion range, including any debt. Following the report, Jim Goodnight and John Sall, who co-founded SAS decades ago and still run the company, changed their minds and decided not to sell to Broadcom, the people said. It is not clear whether another candidate for SAS could arise.
Some SAS employees saw the company as an odd fit for efficiency-focused Broadcom, some of those familiar with the matter said. Known for a close-knit culture, SAS has a sprawling North Carolina campus with amenities such as a yoga studio and disc golf course.
The Cary, NC-based SAS sells analytics, business intelligence, and data management software to enterprises. The company traces its roots back to the 1960s, when universities teamed up to analyze a large amount of agricultural data through a program called the Statistical Analysis System.
Broadcom, a semiconductor powerhouse built largely through acquisitions, has been on the hunt for a deal to bolster its presence in the enterprise software market. Its CEO, Hock Tan, said earlier this year that the company would look into buybacks and possible debt service if it didn’t make an acquisition by the end of the fiscal year. That usually ends in late October or early November.
Write to Cara Lombardo at firstname.lastname@example.org
Copyright © 2021 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8