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CommentaryM&A

I’m the SolarWinds CEO. Here’s why a $4.4 billion move to go private was right for us

By
Sudhakar Ramakrishna
Sudhakar Ramakrishna
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By
Sudhakar Ramakrishna
Sudhakar Ramakrishna
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January 8, 2026, 2:30 PM ET

Sudhakar Ramakrishna, President and CEO at SolarWinds.

sudhakar
Sudhakar Ramakrishna, CEO of SolarWinds.courtesy of SolarWinds
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The market in 2024 shifted into a slower and more uncertain period. IPO activity cooled, and M&A momentum slowed as well. It is against this backdrop that we completed a major $4.4 billion deal.

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Over the last five years, we built a very robust strategy and execution model, all centered around customer success and productivity, that has and can result in healthy growth rates for several years. So, when the prospect of going private became real, it was critical that we found a partner who aligned with our goals.

This became one of the defining moments of my career, culminating in a $4.4 billion transaction to take SolarWinds private with Turn/River Capital. These negotiations exercised my leadership principles, sharpened my judgment under pressure, and expanded my experiences.

Negotiations have always been a part of life. Whether it involves your teenager’s curfew, your team’s priorities, or your board and the future, every negotiation comes down to the same vital tenets: credibility, balance, stamina, and persistence.

Seven months later, I’ve had time to reflect on what made this negotiation successful—and what business leaders can apply to deals built for long-term success. The positive outcome of this transaction was not individual—it was the product of a highly engaged board and an extended leadership team aligned around a shared vision and disciplined execution.

Credibility Starts with Restraint

My team and I were aligned on the importance of not over selling. While this may seem counterintuitive when you are in a room trying to determine the right price or valuation for your company, it is an important part of creating confidence. The meaning behind the words “do not sell” ties directly to one’s intentions during a negotiation. Prove that you are confident in your company’s value and your own value as a leader. This may actually lead to a better outcome. Further, no credible buyer is looking to buy a ‘perfect’ company. Therefore, to the extent you align on the imperfections and the associated actions necessary to become better, even more value can be unlocked.

The last thing you want to do is make it hard for the other party to believe the value of your services, products, or even business by overselling it. You risk undermining value and a loss of credibility could have lasting ramifications that extend well beyond the deal itself.

Another key part of developing this credibility is identifying a great “sparring partner,” so to speak, at the outset of negotiations. For me, it was Matthew Amico, Investments Partner at Turn/River Capital. We aligned quickly and emphasized clarity—what we knew, what we were still testing, and where we would not compromise—giving the other side something solid to trust. That mindset shaped how our teams approached each long day (and night) of discussion.

Why Stamina and Balance Matter Most at the Table

Deal talks often stretch into odd hours and unpredictable schedules, becoming marathon sessions. These were particularly pronounced in our deal due to how quickly it all came together. I recall many stretches during our negotiations with Turn/River where discussions ran well into the night, followed by more meetings with gaps of as little as an hour. At these times, it was a challenge to keep going, both mentally and physically.

Compressed timelines are not an invitation to cut corners. Instead, we must garner the ability to be both comprehensive and timely—this requires stamina and the discipline to pace decisions without sacrificing rigor.

The temptation is always there to throw in the towel just to wrap up the meeting. Instead, this is the time that it is most vital to stick with it and to be resilient. When you anticipate a challenging time ahead in a negotiation, remember the basics of being resilient, not just as a leader but as a human being. Ensure you are well-nourished, prioritize rest when possible, and conserve as much energy as you can because regardless of the time of day, you must remain sharp, attentive, and prepared to make the best decisions possible for all parties.

Composure as a Strategic Advantage

Emotions can run high during M&A negotiations. Patience wears thin, and even seasoned professionals can lose their composure. In the face of heightened emotions, maintaining balance is of extreme value.

Achieving this balance can manifest in different ways, whether by taking a deep breath during a heated exchange, pausing for a few minutes to refresh your perspective, or even taking a break for lunch—or in some cases, a midnight snack.

When you achieve this balance, it helps to keep the collective success of all parties at the center of each interaction. It also allows each party to negotiate responsibly. Regularly asking, ‘What problem am I trying to solve?’ helped keep decisions grounded in purpose rather than emotion. This keeps the focus on the reason you are negotiating. If an issue needs to be addressed, offer constructive feedback instead of potentially offensive comments. 

Turning a Transaction into a Partnership

Even after a successful large-scale acquisition, there is still a tremendous amount of work to be done. There may still be leftover emotions from the negotiation, leaving members of each side to ask themselves who “won” or “lost” the deal. For the deal to truly succeed, both parties must navigate the post-acquisition phase with careful balance and mutual respect. They must also remember the core values noted above when approaching all discussions. That meant approaching post-close decisions with the same rigor and respect we applied at the table. It is vital to understand that, regardless of scale, no acquisition leads to immediate business success. Growth takes time, and progress can be gradual, but the long-term rewards make the effort worthwhile.

Looking back, the deal succeeded not because we pushed harder or moved faster, but because we stayed balanced, and I hope this experience can help other leaders stay disciplined under pressure and aligned around a shared vision to ensure their transactions are successful, as well.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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By Sudhakar Ramakrishna
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