New Relic has agreed to be taken private by TPG and Francisco Partners in a $6.5 billion all-cash deal, the company said on Monday.

The private equity firms have offered New Relic shareholders $87 per share held, representing a premium of 17.5% to the stock’s closing price on Friday.

New Relic’s cloud-based software allows websites and mobile apps to monitor servers and databases, as well as to track user interactions, helping boost efficiency when firms are looking to stretch every dollar during the current economic uncertainty.

The deal is expected to close in late 2023 or early 2024.

The software firm, which was founded in 2008 and went public six years later, has a 45-day window to seek other acquisition proposals.