The Globe and Mail reports in its Tuesday edition that Kneat.com is joining a long list of Toronto Stock Exchange-listed software companies that have exited the public markets. The Globe's Olivia Grandy and Sean Silcoff write that the Toronto-based company said Monday it had agreed to a takeover by private equity giant Thoma Bravo for $650-million. Shareholders will receive $6.50 per share under the proposed deal, which Kneat.com noted was a 40-per-cent premium to the closing price on May 8. The offer price is above the one-year price target of four of the five analysts that cover the company. The offer is also 20 per cent above the closing price last Friday. Although the company is headquartered in Toronto, it is largely managed out of Ireland, where its chief executive officer and co-founder, Edmund Ryan, is based. Four out of the company's five directors are based in Canada. The deal requires support from two-thirds of Kneat.com's shareholders. The company's officers and directors own almost 22 per cent of its shares and have agreed to vote them in support of the deal. CIBC World Markets acted as Kneat.com's financial adviser on the sale. It also provided a fairness opinion along with ATB Cormark Capital Markets.