"We are very pleased to announce the completion of the acquisition of Saba," said David Fishman, Managing Director and Head of the Private Equity Team at Vector Capital. "We are excited to deliver value to Saba’s impressive customer base and further invest in the leading cloud talent-management platform. We look forward to working with Saba’s talented management team and employees to grow the business organically and through strategic acquisitions."

Stockholders who hold shares through a bank or broker will not have to take any action to have their shares converted into cash, since these conversions will be handled by the bank or broker. Stockholders who hold certificates can exchange their certificates for $9.00 per share in cash, without interest, through the payment agent, Computershare. Computershare will be mailing out instructions to registered stockholders regarding specific actions they will need to take to exchange their shares for the cash consideration.