M&A Deal Summary

Thoma Bravo Acquires Veracode

On November 5, 2018, private equity firm Thoma Bravo acquired information technology company Veracode from Broadcom for 950M USD

Acquisition Highlights
  • This is Thoma Bravo’s 20th transaction in the Information Technology sector.
  • This is Thoma Bravo’s 31st largest (disclosed) transaction.
  • This is Thoma Bravo’s 70th transaction in the United States.
  • This is Thoma Bravo’s 5th transaction in Massachusetts.
Investment Fate
  • Veracode was sold to a consortium of financial buyers in 2022 for 2.5B USD.

M&A Deal Summary

Date 2018-11-05
Target Veracode
Sector Information Technology
Buyer(s) Thoma Bravo
Sellers(s) Broadcom
Deal Type Divestiture
Deal Value 950M USD

Target

Veracode

Burlington, Massachusetts, United States
website
Veracode develops products to help secure web, mobile and third-party applications across the software development lifecycle. Veracode's complete set of offerings help customers reduce the risk of data breaches, increase the speed of secure software delivery, meet compliance requirements, and cost effectively secure their software assets- whether that’s software they make, buy or sell. Veracode was founded in 2005 and is based in Burlington, Massachusetts.

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Buyer(S) 1

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 73 of 133
Sector (Information Technology) 20 of 35
Type (Divestiture) 10 of 13
State (Massachusetts) 5 of 6
Country (United States) 70 of 116
Year (2018) 11 of 13
Size (of disclosed) 31 of 46
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-10 Imperva

San Mateo, California, United States

Imperva is a provider of data and application security solutions that protect business-critical information in the cloud and on-premises. pioneering the third pillar of enterprise security fills the gaps in endpoint and network security by directly protecting high-value applications and data assets in physical and virtual data centers. With an integrated security platform built specifically for modern threats, Imperva data center security provides the visibility and control needed to neutralize attack, theft, and fraud from inside and outside the organization, mitigate risk, and streamline compliance. Imperva was formed in 2002 and is headquartered in San Mateo, California.

Buy $2.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-19 Raptor Technologies

Houston, Texas, United States

Raptor Technologies is a provider of integrated school safety technologies for K-12 schools across the United States. Raptor developed the first Web-based visitor management system designed for schools. The Raptor system monitors visitors, contractors, and volunteers who enter a building and provides instant screening for sex offender status and custody orders. The system has flagged more than 50,000 registered sex offenders attempting to enter K-12 schools. In the fall of 2017, the company unveiled Raptor Emergency Management, a system that helps schools prepare for, respond to, and recover from an incident with drill management, active incident management, and parent-student reunification tools. It also provides real-time reporting dashboards allowing administrators to track the status and location of every individual in a building in the event of an emergency. Raptor Technologies was founded in 2002 and headquartered in Houston, Texas.

Buy -

Seller(S) 1

SELLER

Broadcom

San Jose, California, United States

website


Category Company
Founded 2018
Sector Semiconductors
Employees20,000
Revenue 33.2B USD (2022)
DESCRIPTION

Broadcom is a designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products. Broadcom was founded in 2018 and is based in San Jose, California.


DEAL STATS #
Overall 7 of 10
Sector (Information Technology) 1 of 2
Type (Divestiture) 7 of 10
State (Massachusetts) 1 of 1
Country (United States) 5 of 6
Year (2018) 1 of 1
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-11 CA Technologies

New York, New York, United States

CA Technologies is a global software provider for large companies. CA was formed in 1974 and is based in New York City.

Buy $18.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-08 Symantec - Enterprise Security Assets

Mountain View, California, United States

Symantec Corp. - Enterprise Security Assets offers complete physical security solutions, national accounts management, and custom in house software.

Buy $10.7B