Thoma Bravo Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thoma Bravo has acquired 33 companies. It has also invested in 5 others.

Thoma Bravo’s most common sectors for investment are software (46%) and information technology (25%). The Firm’s most common investment types include secondary buyout (30%) and buyout (lbo, mbo, mbi) (25%). In total, Thoma Bravo has invested in 26 US states and 4 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 22 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 Activity157
    • M&A Buy Activity100
    • M&A Sell Activity57
  • Total Sectors Invested 13
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 62
  • M&A Advisors 25

Thoma Bravo

150 N. Riverside Plaza Suite 2800,
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 and 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 has offices in San Francisco and Chicago.


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, Going Private, Growth Capital, Recapitalization, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US

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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (9.2/yr) # 54 8 11 11 10 6 100
vol $21.6B $1.6B $3.1B $9.6B $13.6B $14.7B $64.2B
Sell (5.2/yr) # 31 4 5 7 5 5 57
vol $10.2B $2.6B $1.6B $12.7B $27.1B
  157

Most Recent M&A

Company Date Value Type
Greenphire, Inc. 2021-05-26 - Secondary Buyout
King of Prussia, Pennsylvania · www.greenphire.com
Infogix, Inc. 2021-05-05 - Add-on Acquisition
Naperville, Illinois · www.infogix.com
Proofpoint, Inc. 2021-04-26 12.3B USD Going Private
Sunnyvale, California · www.proofpoint.com
Empirix, Inc. 2021-04-21 - Add-on Acquisition
Billerica, Massachusetts · www.empirix.com
Applitools, Inc. 2021-03-30 - Growth Capital
San Mateo, California · www.applitools.com
Calabrio, Inc. 2021-03-23 - Secondary Buyout
Minneapolis, Minnesota · www.calabrio.com
Calypso Technology, Inc. 2021-03-22 - Secondary Buyout
San Francisco, California · www2.calypso.com
Talend SA 2021-03-10 2.4B USD Going Private
Suresnes, France · www.talend.com
Aucerna 2021-02-15 - Merger
Calgary, Alberta · www.aucerna.com
Centrify Corp. 2021-01-28 - Secondary Buyout
Santa Clara, California · www.centrify.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Majesco 2020-07-20 Utilant LLC 2021-05-20 2
Morristown, New Jersey · www.majesco.com Buffalo, New York · www.losscontrol360.com
Hyland Software, Inc. 2007-07-31 Nuxeo 2021-03-04 15
Westlake, Ohio · www.hyland.com Brooklyn, New York · www.nuxeo.com
Quorum Business Solutions, Inc. 2018-08-13 Aucerna 2021-02-15 7
Houston, Texas · www.qbsol.com Calgary, Alberta · www.aucerna.com
Instructure, Inc. 2019-12-04 Get Bridge 2021-02-15 1
Salt Lake City, Utah · www.instructure.com London, United Kingdom · www.getbridge.com
Frontline Technologies Group LLC 2017-08-04 Forecast5 Analytics, Inc. 2021-01-05 5
Malvern, Pennsylvania · www.frontlineeducation.com Naperville, Illinois · www.forecast5analytics.com
Instructure, Inc. 2019-12-04 Certica Solutions, Inc. 2020-12-10 1
Salt Lake City, Utah · www.instructure.com Wakefield, Massachusetts · www.certicasolutions.com
Imprivata, Inc. 2016-07-13 FairWarning, Inc. 2020-12-02 3
Lexington, Massachusetts · www.imprivata.com Clearwater, Florida · www.fairwarning.com
Frontline Technologies Group LLC 2017-08-04 SuccessEd 2020-11-04 4
Malvern, Pennsylvania · www.frontlineeducation.com Frisco, Texas · www.successed.net
Command Alkon, Inc. 2020-03-31 Trimble Navigation Ltd. - Construction Logistics Business 2020-10-05 1
Birmingham, Alabama · www.commandalkon.com Sunnyvale, California
Nintex USA LLC 2018-02-09 K2 Software, Inc. 2020-10-01 4
Bellevue, Washington · www.nintex.com Bellevue, Washington · www.k2.com

M&A by Sector

Sector Current # Value All-time # Value
Software 23 (50%) 24.6B (52%) 46 (46%) 34.5B (54%)
Information Technology 11 (24%) 5.4B (11%) 25 (25%) 9.9B (15%)
Internet Software and Services 9 (20%) 15.5B (33%) 13 (13%) 16.2B (25%)
Financial Services - - 3 (3%) 1.0B (2%)
Technology Hardware 1 (2%) 1.6B (3%) 2 (2%) 1.6B (2%)
Information Services 1 (2%) - 2 (2%) 930M (1%)
Business Services - - 2 (2%) -
Safety/Security - - 2 (2%) -
Education 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Retail - - 1 (1%) -
Total 46 $47.1B 100 $64.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 41 (89%) 39.6B (84%) 92 (92%) 56.7B (88%)
  California 11 (24%) 19.5B (41%) 24 (24%) 26.8B (42%)
  Texas 3 (7%) 10.2B (22%) 10 (10%) 14.8B (23%)
  Pennsylvania 3 (7%) 3.0B (6%) 7 (7%) 3.0B (5%)
  Massachusetts 3 (7%) 1.5B (3%) 5 (5%) 1.5B (2%)
  Illinois 2 (4%) 2.9B (6%) 5 (5%) 3.1B (5%)
  Utah 2 (4%) 2.0B (4%) 4 (4%) 2.0B (3%)
  New York 2 (4%) - 4 (4%) 930M (1%)
  Minnesota 2 (4%) - 4 (4%) 143M (< 1%)
  Virginia 1 (2%) - 3 (3%) 1.1B (2%)
  New Jersey 1 (2%) 594M (1%) 3 (3%) 594M (1%)
  Ohio 2 (4%) - 2 (2%) -
  Washington 1 (2%) - 2 (2%) -
  Indiana 1 (2%) - 2 (2%) -
  Georgia 1 (2%) - 2 (2%) -
  Colorado 1 (2%) - 2 (2%) -
  Arizona 1 (2%) - 2 (2%) -
  Michigan - - 2 (2%) 2.6B (4%)
  Florida 1 (2%) - 1 (1%) -
  Connecticut 1 (2%) - 1 (1%) -
  Arkansas 1 (2%) - 1 (1%) -
  Alabama 1 (2%) - 1 (1%) -
  Kansas - - 1 (1%) 195M (< 1%)
  Oregon - - 1 (1%) -
  Mississippi - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
Canada 3 (7%) 1.2B (3%) 5 (5%) 1.2B (2%)
  Ontario 2 (4%) 1.2B (3%) 3 (3%) 1.2B (2%)
  British Columbia 1 (2%) - 1 (1%) -
  Alberta - - 1 (1%) -
France 1 (2%) 2.4B (5%) 2 (2%) 2.4B (4%)
United Kingdom 1 (2%) 3.9B (8%) 1 (1%) 3.9B (6%)
Domestic 41 (89%) 39.6B (84%) 92 (92%) 56.7B (88%)
Cross-border 5 (11%) 7.5B (16%) 8 (8%) 7.5B (12%)
Total 46 $47.1B 100 $64.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 16 (35%) 4.0B (9%) 30 (30%) 8.7B (14%)
Buyout (LBO, MBO, MBI) 9 (20%) - 25 (25%) -
Going Private 11 (24%) 42.1B (89%) 24 (24%) 53.4B (83%)
Divestiture 3 (7%) 950M (2%) 11 (11%) 2.2B (3%)
Growth Capital 6 (13%) - 7 (7%) -
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Total 46 $47.1B 100 $64.2B

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (30%) 5.1B (19%)
Trade Sale - Public Company 15 (26%) 22.0B (81%)
Trade Sale 11 (19%) -
Merger 8 (14%) -
IPO 3 (5%) -
Sold to Management 2 (4%) -
Recapitalization 1 (2%) -
Total 57 $27.1B

Top M&A Advisors

Financial Deals
Jefferies LLC
9
Credit Suisse Investment Banking
6
Goldman Sachs Investment Banking Division
6
Legal Deals
Kirkland & Ellis LLP
65
Goodwin Procter LLP
6
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1

Deal Values

buy # Total
> $1B 17 $59.2B
$100M to $1B 11 $5.0B
< $100M 1 $66M
TOTAL $64.2B
Largest Proofpoint, Inc.
$12.3B (2021-04-26)
sell # Total
> $1B 9 $24.9B
$100M to $1B 5 $2.2B
< $100M 1 $70M
TOTAL $27.1B
Largest Ellie Mae, Inc.
$11.0B (2020-08-06)

M&A Connections

Deals
Acquired from
Investor(s)
30%
30 (30%)
Strategic(s)
12%
12 (12%)
Exited to
Investor(s)
30%
17 (30%)
Strategic(s)
54%
31 (54%)

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