M&A Deal Summary

Thoma Bravo and Blackstone Credit Acquire Auctane

On July 9, 2021, private equity firm Thoma Bravo and lender Blackstone Credit acquired internet software and services company Auctane for 6.6B USD

Acquisition Highlights
  • This is Thoma Bravo’s 15th and Blackstone Credit’s 1st transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 6th and Blackstone Credit’s largest (disclosed) transaction.
  • This is Thoma Bravo’s 96th and Blackstone Credit’s 7th transaction in the United States.
  • This is Thoma Bravo’s 14th and Blackstone Credit’s 2nd transaction in Texas.

M&A Deal Summary

Date 2021-07-09
Target Auctane
Sector Internet Software and Services
Buyer(s) Thoma Bravo
Blackstone Credit
Deal Type Going Private
Deal Value 6.6B USD
Advisor(s) J.P. Morgan Securities (Financial)
Proskauer Rose LLP (Legal)

Target

Auctane

Austin, Texas, United States
website
Auctane is a provider of Internet-based mailing and shipping solutions. From same-day delivery and intuitive shipping software to a network of 3PL providers — and everything in between — Auctane’s suite of technology solutions solves a variety logistic challenges. Auctane was formerly known as Stamps.com and changed its name in 2021. Auctane is based in Austin, Texas.

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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 106 of 133
Sector (Internet Software and Services) 15 of 25
Type (Going Private) 26 of 38
State (Texas) 14 of 17
Country (United States) 96 of 116
Year (2021) 10 of 19
Size (of disclosed) 6 of 46
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 iOFFICE

Houston, Texas, United States

iOFFICE is a provider of enterprise workplace SaaS platform, mobile tools and analytics to simplify facility management, empower employees and increase workplace productivity. iOFFICE is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Medallia

Pleasanton, California, United States

Medallia is a provider of cloud based platform captures billions of experience signals across interactions including all voice, video, digital, IOT, social media and corporate messaging tools. Medallia was founded in 2001 and is based in Pleasanton, California.

Buy $6.4B
DESCRIPTION

Blackstone Credit is the lending arm of alternative asset management firm The Blackstone Group. Blackstone Credit looks to provide a variety of capital needs, including loans, high yield and investment grade bonds, structured credit, mezzanine lending, and opportunistic financings. The Blackstone Group acquired lender GSO Capital Partners in 2008 which formed the foundation for Blackstone Credit. Blackstone Credit is based in New York City.


DEAL STATS #
Overall 10 of 12
Sector (Internet Software and Services) 1 of 1
Type (Going Private) 1 of 1
State (Texas) 2 of 2
Country (United States) 7 of 9
Year (2021) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 DoublePoint Energy

Fort Worth, Texas, United States

DoublePoint Energy is an upstream oil and gas company, led by the Double Eagle management team in partnership with FourPoint Energy. DoublePoint Energy is based in Fort Worth, Texas.

Sell $6.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-02-17 XLN Telecom

London, United Kingdom

XLN Telecom is a communications company based in London. It supplies fixed line and broadband services to 70,000 customers in the SME sector and is one of Britain’s fastest growing alternative telecoms service providers.

Sell -