Blackline Safety Corp. has signed an agreement to be bought by technology investment firm Francisco Partners Management LP in a deal worth up to $850 million.

Under the agreement, Francisco Partners will pay up to $9.50 per share for the Calgary-based company.

Blackline Safety, which was founded in 2004, specializes in worker safety monitoring technology. Its wearable devices detect hazards like gas levels and will alert a live monitoring team if something goes awry.

Blackline chair and chief executive Cody Slater says Francisco Partners provides the financial strength, sector expertise and shared vision to continue the company’s growth and strengthen its technology leadership.

Under the agreement, Francisco Partners will pay $9 per share in cash on closing. Shareholders will also receive a contingent value right that could see them be paid up to an additional 50 cents per share if the company achieves certain financial targets.

Blackline shares were up $1.82 or about 26 per cent at $8.93 in trading on the Toronto Stock Exchange after the deal was announced.

The transaction, which requires shareholder approval, is expected to close in the second quarter of this year.