M&A Deal Summary

Thoma Bravo and General Atlantic Acquire Coupa

On December 12, 2022, private equity firm Thoma Bravo and growth capital firm General Atlantic acquired internet software and services company Coupa for 8.0B USD

Acquisition Highlights
  • This is Thoma Bravo’s 23rd and General Atlantic’s 70th transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 4th and General Atlantic’s largest (disclosed) transaction.
  • This is Thoma Bravo’s 112th and General Atlantic’s 157th transaction in the United States.
  • This is Thoma Bravo’s 31st and General Atlantic’s 44th transaction in California.

M&A Deal Summary
Date 2022-12-12
Target Coupa
Sector Internet Software and Services
Buyer(s) Thoma Bravo
General Atlantic
Deal Type Going Private
Deal Value 8.0B USD
Advisor(s) Qatalyst Partners LP (Financial)
Freshfields (Legal)

Target

Coupa

San Mateo, California, United States
website
Coupa is a cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa was founded in 2006 and is based in San Mateo, California.

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Buyer(S) 2

Buyer

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Thoma Bravo is a private equity firm that primarily invests in or acquires US-based middle-market businesses. While Thoma Bravo will consider a variety of transaction situations, including take-privates, buyouts, carve-outs, recapitalizations, and growth equity financings, the Firm has a special interest in tech consolidation opportunities. Target companies generally have a history of profitability with EBITDA of at least $20 million. The Firm's equity commitment size range is $100 to $750 million. Sectors of interest include enterprise and infrastructure software, education, distribution, financial services and consumer goods/services. The Firm will not invest in new inventions or technologies, developmental products or services, start-ups, biotech, motion pictures, distressed businesses, oil/gas, or real estate. Thoma Bravo was formerly known as Thoma Cressey Bravo and before that Golder Thoma & Co. The Firm was originally formed in 1980 and is based in Chicago, Illinois.

DEAL STATS #
Overall 125 of 133
Sector (Internet Software and Services) 23 of 25
Type (Going Private) 34 of 38
State (California) 31 of 32
Country (United States) 112 of 116
Year (2022) 10 of 11
Size (of disclosed) 4 of 46
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-27 UserTesting

San Francisco, California, United States

UserTesting is a video-based human insight that taps into a client's global network of real people and generates video-based recorded experiences, so anyone in an organization can directly ask questions, hear what users say, see what they mean, and understand what it’s actually like to be a customer. The company reduces guesswork and brings customer experience data to life with human insight. It has more than 2,500 customers, including more than half of the world’s top 100 most valuable brands according to Forbes. UserTesting was formed in 2007 and is headquartered in San Francisco, California.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-15 Nearmap

Perth, Australia

Nearmap provides easy, instant access to high resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Nearmap was founded in 2007 and is based in Perth, Australia.

Buy AU$1.1B
Buyer

General Atlantic

Investor Investor Investor Investor Investor

website

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 327 of 339
Sector (Internet Software and Services) 70 of 73
Type (Going Private) 4 of 7
State (California) 44 of 44
Country (United States) 157 of 160
Year (2022) 22 of 22
Size (of disclosed) 1 of 17
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-26 Mobileye

Jerusalem, Israel

Mobileye develops and deploys advanced driver-assistance systems and autonomous driving technologies and solutions. Mobileye was formed in 1999 and is based in Jerusalem, Israel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-10 Cisarua

Jakarta, Indonesia

Cimory is a producer of premium dairy products and premium consumer food that includes yogurt and milk products. The premium consumer food product portfolio includes a wide selection of ready-to-cook and ready-to-eat sausages and chicken nuggets marketed under the “Kanzler” brand. Cimory was formed in 1992 and is based in Jakarta, Indonesia.

Buy -
Mergr

Product

Company

Legal