Pluralsight Files Investor Presentation in Connection with Proposed Transaction with Vista Equity Partners

Urges Shareholders to Vote “FOR” Transaction Ahead of Special Meeting of Shareholders on March 2, 2021

SILICON SLOPES, Utah, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Pluralsight, Inc. (NASDAQ: PS), the technology workforce development company, today filed an investor presentation highlighting the significant value that the company’s transaction with affiliates of Vista Equity Partners (“Vista”) delivers to shareholders. The Pluralsight Board of Directors recommends that shareholders vote the WHITE proxy card “FOR” all proposals included in Pluralsight’s definitive proxy statement at the upcoming special meeting of shareholders, which will be held on March 2, 2021.

The presentation can be found on the investor page of Pluralsight’s website at https://investors.pluralsight.com/investor-relations.

The transaction with Vista delivers significant, immediate and certain value to Pluralsight shareholders. As outlined in the presentation, the Pluralsight Board and independent Transaction Committee are each confident that this transaction is in the best interests of Pluralsight and its shareholders.

The Transaction Generates Compelling, Certain Value for Shareholders

• The transaction offers immediate cash value to Pluralsight shareholders at a significant premium that is not subject to execution risk or other potential downside associated with the execution of Pluralsight’s standalone plan.
• The offer represents premiums of 26% and 25% to the undisturbed price and 30-day VWAP prior to the announcement of the transaction, respectively.
• The last 12 months’ multiple of 9.2x and the next 12 months’ multiple of 8.1x are well above the median of relevant precedent M&A transactions, and among the highest multiples on a Rule of 40 (growth and profitability adjusted) basis and ever paid for a public SaaS company by a private equity acquiror.
  

Pluralsight’s Growth Potential Is Expected to Remain Challenged by Industry Dynamics

• Pluralsight competes in a highly competitive, rapidly evolving and fragmented market, which has modest barriers to entry and lower switching costs relative to the broader enterprise software universe.
• The emergence of well-capitalized competitors and the availability of free/ad-supported offerings has increased competitive pressure, resulting in lower growth, decreasing customer retention and higher costs for Pluralsight to attract and retain customers.
• Given these headwinds, Pluralsight believes that future growth is likely to be reliant on an acquisition strategy to build out the product portfolio, which introduces significant execution risk and dilution risk to the company’s shareholders.
• The independent Transaction Committee and the Pluralsight Board determined that the transaction with Vista offers greater value to shareholders than the execution of Pluralsight’s standalone plan in the context of these ongoing market conditions.

The Transaction Is the Culmination of a Robust Process