Enterprise data software as a service (SaaS) company Informatica Corp. has been acquired by private equity firm Permira Advisers LLC and the Canada Pension Plan Investment Board (CPPIB).

The price of the acquisition was $5.3 billion, or $48.75 per share of common stock. Under the deal Informatica will delist from the NASDAQ and become a private company.

“After careful consideration and deliberation of strategic alternatives, our Board of Directors unanimously concluded that the sale of Informatica to the Permira funds and CPPIB is in the best interest of all Informatica stakeholders,” Chairman and Chief Executive Officer of Informatica Sohaib Abbasi said in a statement. “While delivering immediate compelling value to our shareholders, we remain committed to the long-term success of our customers, partners and employees. Permira and CPPIB share both our vision for Informatica to power the data-ready enterprise and our conviction in sustained long-term growth.”

The acquisition isn’t without potential drama however, with a statement from Glancy Binkow & Goldberg LLP saying that they are investigating whether the Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the firm prior to agreeing to enter into the proposed transaction, and whether the company has disclosed all material information to shareholders about the transaction.

Founded in 1993, Informatica claims to be the world’s number one independent provider of enterprise data integration software and services, and has over 5,500 enterprises who depend on its services to fully leverage their information assets from devices to mobile to social to big data residing on-premise, in the cloud and across social networks.

Its product range spans Big Data, cloud integration, data integration, data quality, data security, the Informatica Platform, Integration Platform as a Service and Master Data Management.

Informatica’s solutions include Application Consolidation and Migration, Cloud Integration and Data Management, Data Governance, Next-Gen Analytics, Total Customer Relationship, Industry Solutions and Marketplace Solutions.

Its release of PowerCenter 9.6 in February 2014 delivered a range of new capabilities that made it easier to develop and deploy a wide range of data tasks, from integration jobs to new cloud and big data projects.

The acquisition is expected to be completed by either the second or third quarter of 2015, subject to shareholder approval and standard regulatory approvals.