MeridianLink is going to be a private company.

The provider of modern software platforms for financial institutions and consumer reporting agencies announced on Monday that it has entered into a definitive agreement to be acquired by funds advised by affiliates of Centerbridge Partners, a global investment firm with deep experience investing in financial services and technology.

According to a news release, it’s an all-cash transaction that placed MeridianLink at an enterprise value of approximately $2.0 billion.

Upon closing of the transaction, MeridianLink will become a private company.

“We are excited for the next chapter of innovation and growth with our partners at Centerbridge. Today’s announcement is a strong endorsement of our leading digital lending platform that serves nearly 2,000 community financial institutions and reporting agencies,” said Larry Katz, president and CEO-designate of MeridianLink. “Together with Centerbridge, we will unlock the potential of this company by accelerating product innovation, harnessing the power of AI and data, and enhancing the delivery of exceptional customer experiences.

“I am proud of this talented team and look forward to further building our trusted, mission-critical, scalable platform that empowers customers and the communities they serve,” Katz continued in the news release.

The MeridianLink board of directors unanimously approved the transaction, which is expected to close in the second half of the year, subject to approval by MeridianLink shareholders and the satisfaction of regulatory approvals and customary closing conditions.

“Over the last several years, our board has carefully evaluated alternatives to maximize shareholder value,” MeridianLink board chair Ed McDermott said. “The board thoroughly reviewed Centerbridge’s proposal with the assistance of independent financial and legal advisors and determined this transaction would create certain, compelling and immediate value for our shareholders at an attractive premium and position MeridianLink to increase its competitive edge in a rapidly changing technology landscape.”

The holders of approximately 55% of MeridianLink’s shares of common stock have agreed to vote all of the shares of MeridianLink common stock owned by them in favor of the transaction.

Under the terms of the agreement, MeridianLink shareholders will receive $20 per share in cash for each share of common stock they own. The company said the purchase price represents a premium of approximately 26% over the closing price of MeridianLink shares as of Friday, the last full trading day prior to the transaction announcement.

“This is an exciting next step for MeridianLink,” said Nicolaas Vlok, chief executive officer of MeridianLink. “Our dedicated team has built our market-leading platform and partner ecosystem, and I am confident in the path forward for the company, bolstered by Larry’s leadership and Centerbridge’s partnership.”

Upon completion of the transaction, MeridianLink’s common stock will no longer be listed on any public market. MeridianLink will remain headquartered in Irvine, Calif.

Jared Hendricks is senior managing director at Centerbridge, and Ben Jaffe is managing director at Centerbridge.

“As the pace of change across the finance and tech sectors continues to accelerate, MeridianLink is uniquely positioned to help financial institutions enhance their digital lending and credit reporting capabilities to expand and deepen client relationships, unlock the potential of data and AI, and drive their growth,” Hendricks and Jaffe said in a statement.

“At Centerbridge, we have a proven track record of partnering with exceptional companies at the intersection of finance and technology to create value for customers and opportunities for employees,” they continued. “We believe in the importance of fostering a vibrant, modern banking system using market-leading technology.

“To that end, we are thrilled to work with Larry Katz and the company’s talented team to enhance MeridianLink’s platform capabilities and grow their wallet share with new and existing customers,” Hendricks and Jaffe went on to say.