Why Zendesk Stock Skyrocketed Today

Shares of Zendesk (NYSE: ZEN) were soaring Friday morning after the company announced that it would be acquired by an investment group. Once the deal closes, it once again will be a privately held company. 

The software-as-a-service company was up by 29% as of 9:44 a.m. ET. 

Zendesk said in a press release Friday morning that it had entered into a definitive agreement to be purchased by the global investment firms Permira and Hellman & Friedman in an all-cash deal valued at about $10.2 billion.

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Source Fool.com