Riverbed Technology (RVBD) entered into a definitive acquisition agreement for $3.6 billion with private equity investment firm Thoma Bravo and Teachers’ Private Capital, according to the company. Riverbed stockholders will receive $21.00 in cash per share as part of the buyout.

“We are extremely pleased with this transaction, which we believe will be a winning proposition for all of our stakeholders,” said Jerry M. Kennelly, chairman and CEO of Riverbed, in a statement. “Having undertaken a thorough strategic review, during which we assessed a wide variety of options to maximize value, the Board unanimously concluded that partnering with Thoma Bravo was the best choice for Riverbed, as this transaction will provide our stockholders with significant and immediate cash value.”

The transaction is expected to close in the first half of 2015, subject to approval by Riverbed’s stockholders. Kennelly is expected to retain his position at Riverbed following the acquisition.

“Riverbed’s strong product portfolio provides unmatched optimization, visibility and control across the hybrid enterprise, which has positioned the Company extremely well in a rapidly-changing landscape,” said Orlando Bravo, a managing partner at Thoma Bravo. “We look forward to working with the talented team at Riverbed to strengthen their leadership position and the value they deliver to customers.

Thoma Bravo’s purchase of Riverbed is the largest investment in the company’s history, according to the announcement.

Riverbed executives could not comment on how the acquisition might affect channel partners or its overarching channel program at the time of publishing.