Billing software firm Zuora said on Thursday it has agreed to be acquired by buyout firm Silver Lake and Singaporean wealth fund GIC in a deal valued at $1.7 billion, sending its shares up nearly 6% in early trading.

Cloud subscription services company Zuora Inc. has announced that it has entered a definitive agreement to be acquired by private equity Silver Lake and an affiliate of Singapore’s sovereign wealth fund GIC Pte. Ltd. in a transaction valued at $1.7 billion.

Zuora (NYSE:ZUO) shares were up 5% in premarket trade, after it said it will be acquired by Silver Lake, in partnership with an affiliate of GIC, in a $1.7 billion take private deal. Under the deal, Silver Lake and GIC will acquire all outstanding shares of Zuora at $10 apiece in cash,