Thoma Bravo Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thoma Bravo has acquired 30 companies. It has also invested in 13 others.

Thoma Bravo’s most common sectors for investment aresoftware (42%) and information technology (28%) . The Firm’s most common investment types include going private (28%) and secondary buyout (24%). In total, Thoma Bravo has invested in 27 US states and 6 different countries. Its largest (disclosed) acquisition occurred in 2021 when it acquired Proofpoint for $12.3B.

In the last 3 years, Thoma Bravo has exited 25 companies. The Firm’s most common exit type is trade sale (46%). Thoma Bravo’s largest (disclosed) exit occurred in 2020 when it sold Ellie Mae for $11.0B.

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M&A Summary

  • M&A Total Activity201
    • M&A Buy Activity129
    • M&A Sell Activity72
  • Total Sectors Invested 15
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 78
  • M&A Advisors 34

Thoma Bravo

Thoma Bravo, L.P.

110 N. Wacker Drive,
Chicago, Illinois 60606
United States
(312) 254-3300
www.thomabravo.com

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.


Investment Criteria

Sectors of Interest: Business Services, Communications, Consumer Products, Distribution, Education, Financial Services, Healthcare Services, Information Technology, Insurance, Internet Software and Services, Marketing, Media, Safety/Security, Software, Technology Hardware

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA 20 -
Investment Size 100 750
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (10.8/yr) # 75 11 10 19 11 3 129
vol $26.3B $9.6B $13.6B $32.3B $33.2B $3.2B $118.2B
Sell (6.4/yr) # 40 7 5 9 6 5 72
vol $12.8B $1.6B $12.7B $2.3B $6.2B $15.4B $51.0B
  201

Most Recent M&A

Company Date Value Type
Exostar LLC 2023-09-26 - Secondary Sale
Herndon, Virginia · www.exostar.com
NextGen Healthcare, Inc. 2023-09-06 1.8B USD Going Private
Irvine, California · www.nextgen.com
Syntellis Performance Solutions LLC 2023-08-08 1.3B USD Trade Sale
Chicago, Illinois · www.syntellis.com
Imperva, Inc. 2023-07-25 3.6B USD Trade Sale
San Mateo, California · www.imperva.com
Bluesight, Inc. 2023-07-17 - Acquisition Financing
Alexandria, Virginia · www.bluesight.com
Adenza Group, Inc. 2023-06-12 10.5B USD Trade Sale
New York, New York · www.adenza.com
Magnet Forensics, Inc. 2023-01-20 1.4B CAD Going Private
Waterloo, Ontario · www.magnetforensics.com
Talend SA 2023-01-05 - Trade Sale
Suresnes, France · www.talend.com
Nearmap Ltd. 2022-12-15 751M AUD Buyout (LBO, MBO, MBI)
Perth, Australia · www.nearmap.com
Coupa Software, Inc. 2022-12-12 8.0B USD Going Private
San Mateo, California · www.coupa.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
J.D. Power and Associates, Inc. 2019-07-30 Autovista Group 2023-09-12 8
Westlake Village, California · www.jdpower.com London, United Kingdom · www.autovistagroup.com
QAD, Inc. 2021-06-28 RedZone Robotics, Inc. 2023-02-01 2
Santa Barbara, California · www.qad.com Warrendale, Pennsylvania · www.redzone.com
Qlik Technologies, Inc. 2016-06-02 Talend SA 2023-01-05 7
Radnor, Pennsylvania · www.qlikview.com Suresnes, France · www.talend.com
Zarya Intermediate, LLC 2022-10-04 Condeco Group Ltd. 2022-10-04 3
Atlanta, Georgia · www.eptura.com London, United Kingdom · www.condecosoftware.com
Zarya Intermediate, LLC 2022-10-04 iOFFICE LLC 2022-10-04 2
Atlanta, Georgia · www.eptura.com Houston, Texas · www.iofficecorp.com
Zarya Intermediate, LLC 2022-10-04 ARCHIBUS, Inc. 2022-10-04 1
Atlanta, Georgia · www.eptura.com Boston, Massachusetts · www.archibus.com
RealPage, Inc. 2020-12-21 Kigo, Inc. 2022-09-28 1
Richardson, Texas · www.realpage.com Philadelphia, Pennsylvania · www.kigo.net
Bottomline Technologies, Inc. 2021-12-17 Nexus Systems, Inc. 2022-09-13 1
Portsmouth, New Hampshire · www.bottomline.com Falls Church, Virginia · www.nexussystems.com
Hyland Software, Inc. 2007-07-31 LawLogix Group, Inc. 2022-07-21 2
Westlake, Ohio · www.hyland.com Phoenix, Arizona · www.lawlogix.com
Riskonnect, Inc. 2017-06-07 Castellan Solutions Inc. 2022-07-12 6
Kennesaw, Georgia · www.riskonnect.com Audubon, Pennsylvania · www.castellanbc.com

M&A by Sector

Sector Current # Value All-time # Value
Software 23 (38%) 20.0B (22%) 54 (42%) 37.9B (32%)
Information Technology 18 (30%) 19.0B (21%) 35 (27%) 24.5B (21%)
Internet Software and Services 14 (23%) 51.5B (57%) 23 (18%) 53.8B (46%)
Financial Services - - 3 (2%) 1.0B (1%)
Business Services 1 (2%) - 3 (2%) -
Information Services 1 (2%) - 2 (2%) 930M (1%)
Staffing 1 (2%) 60M (< 1%) 1 (1%) 60M (< 1%)
Education 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Medical Products 1 (2%) - 1 (1%) -
Retail - - 1 (1%) -
Safety/Security - - 1 (1%) -
Technology Hardware - - 1 (1%) -
Total 60 $90.5B 129 $118.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 51 (85%) 82.9B (92%) 115 (89%) 106.9B (91%)
  California 14 (23%) 44.9B (50%) 32 (25%) 58.1B (50%)
  Texas 8 (13%) 23.7B (26%) 17 (13%) 28.3B (24%)
  Pennsylvania 2 (3%) 3.0B (3%) 7 (5%) 3.0B (3%)
  Illinois 2 (3%) 2.9B (3%) 6 (5%) 3.1B (3%)
  Massachusetts 2 (3%) 544M (1%) 5 (4%) 1.5B (1%)
  New York 2 (3%) - 5 (4%) 930M (1%)
  Georgia 3 (5%) - 4 (3%) -
  Utah 2 (3%) 2.0B (2%) 4 (3%) 2.0B (2%)
  Minnesota 2 (3%) - 4 (3%) 143M (< 1%)
  Virginia 1 (2%) - 4 (3%) 1.1B (1%)
  Colorado 2 (3%) 2.8B (3%) 3 (2%) 2.8B (2%)
  Arizona 2 (3%) - 3 (2%) -
  New Jersey 1 (2%) 594M (1%) 3 (2%) 594M (1%)
  Ohio 2 (3%) - 2 (2%) -
  Washington 1 (2%) - 2 (2%) -
  Michigan - - 2 (2%) 2.6B (2%)
  Indiana - - 2 (2%) -
  New Hampshire 1 (2%) 2.6B (3%) 1 (1%) 2.6B (2%)
  Florida 1 (2%) - 1 (1%) -
  Connecticut 1 (2%) - 1 (1%) -
  Alabama 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  Kansas - - 1 (1%) 195M (< 1%)
  Oregon - - 1 (1%) -
  Mississippi - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
Canada 6 (10%) 2.6B (3%) 8 (6%) 2.6B (2%)
  Ontario 4 (7%) 2.6B (3%) 5 (4%) 2.6B (2%)
  Alberta 1 (2%) - 2 (2%) -
  British Columbia 1 (2%) - 1 (1%) -
United Kingdom 1 (2%) 3.9B (4%) 2 (2%) 3.9B (3%)
France - - 2 (2%) 2.4B (2%)
Australia 1 (2%) 751M (1%) 1 (1%) 751M (1%)
Norway 1 (2%) 383M (< 1%) 1 (1%) 383M (< 1%)
Domestic 51 (85%) 82.9B (92%) 115 (89%) 106.9B (91%)
Cross-border 9 (15%) 7.6B (8%) 14 (11%) 10.0B (9%)
Total 60 $90.5B 129 $116.9B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 19 (32%) 77.3B (87%) 36 (28%) 96.8B (84%)
Secondary Buyout 12 (20%) 4.0B (5%) 30 (23%) 8.7B (8%)
Buyout (LBO, MBO, MBI) 8 (13%) 751M (1%) 26 (20%) 751M (1%)
Growth Capital 12 (20%) - 14 (11%) -
Divestiture 1 (2%) 60M (< 1%) 13 (10%) 2.2B (2%)
Venture 4 (7%) - 4 (3%) -
Acquisition Financing 1 (2%) - 2 (2%) -
Consolidation 1 (2%) - 2 (2%) -
Add-on Acquisition 1 (2%) 6.4B (7%) 1 (1%) 6.4B (6%)
Recapitalization 1 (2%) - 1 (1%) -
Total 60 $88.5B 129 $114.9B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 21 (29%) 43.3B (85%)
Secondary Sale 21 (29%) 7.6B (15%)
Trade Sale 12 (17%) -
Merger 10 (14%) -
IPO 4 (6%) -
Sold to Management 2 (3%) -
Bankruptcy 1 (1%) -
Recapitalization 1 (1%) -
Total 72 $51.0B

Top M&A Advisors

Financial Deals
Jefferies
 9
Goldman Sachs
 8
Credit Suisse Investment Banking
 6
Legal Deals
Kirkland & Ellis
 87
Goodwin Procter
 9
McMillan
 3

Deal Values

buy # Total
> $1B 29 $111.9B
$100M to $1B 13 $6.1B
< $100M 2 $126M
TOTAL $118.2B
Largest Proofpoint, Inc.
$12.3B (2021-04-26)
sell # Total
> $1B 15 $48.4B
$100M to $1B 6 $2.5B
< $100M 1 $70M
TOTAL $51.0B
Largest Ellie Mae, Inc.
$11.0B (2020-08-06)

M&A Connections

Deals
Acquired from
Investor(s)
23%
30 (23%)
Strategic(s)
10%
13 (10%)
Exited to
Investor(s)
29%
21 (29%)
Strategic(s)
56%
40 (56%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

127.0B USD

Established

1980

Specialist/Generalist

Generalist

Leadership

Carl Thoma

Founder & Managing Partner

Holden Spaht

Managing Partner

Lee Mitchell

Managing Partner

Orlando Bravo

Managing Partner

Scott Crabill

Managing Partner

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