A $1 Billion Investment

Silver Lake, the global private equity firm focused on investments in technology companies, will make a $1 billion investment in Splunk, the companies said Tuesday.

Silver Lake is specifically purchasing “$1 billion in aggregate principal amount of [Splunk] convertible senior notes,” both companies said.

Kenneth Hao, chairman and managing partner of Silver Lake, will join Splunk’s board of directors, which will now have 11 members.

Splunk said the company will use the investment “to fund growth initiatives and manage its capital structure, including a newly authorized share repurchase program of up to $1 billion that will be executed over time.”