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April 15 (Reuters) - Global equity manager ClearBridge Investments said on Monday it has urged Model N's board to reconsider the proposed acquisition of the healthcare IT firm by Vista Equity Partners.

Model N last week agreed to be taken private by investment firm Vista Equity for about $1.25 billion.

"We believe the proposed acquisition materially undervalues Model N's outlook as a public company or value to strategic or financial buyers," ClearBridge said in its letter to Model N.

ClearBridge, which had more than $188 billion in assets under management as of March 31, 2024, owns 6.9% of the outstanding stock of Model N, according to LSEG data.

The equity manager said the board and the company's advisers should remain open minded to potentially superior offers or Model N shareholders should consider the potential long-term value creation in staying a standalone public entity.

(Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi Majumdar)