Thoma Bravo Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thoma Bravo has acquired 32 companies. It has also invested in 2 others.

Thoma Bravo’s most common sectors for investment are software (43%) and information technology (27%). The Firm’s most common investment types include secondary buyout (29%) and buyout (lbo, mbo, mbi) (28%). In total, Thoma Bravo has invested in 26 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2015 when it acquired SolarWinds for $4.5B.

In the last 3 years, Thoma Bravo has exited 20 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 Activity139
    • M&A Buy Activity88
    • M&A Sell Activity51
  • Total Sectors Invested 13
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 56
  • M&A Advisors 24

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (8.2/yr) # 47 7 7 11 10 6 88
vol $16.9B $4.7B $1.6B $3.1B $9.6B $594M $36.5B
Sell (4.8/yr) # 27 4 4 4 7 5 51
vol $7.4B $2.8B $2.6B $1.6B $12.7B $27.1B
  139

Most Recent M&A

Company Date Value Type
Planview, Inc. 2020-11-10 1.6B USD Secondary Buyout
Austin, Texas · www.planview.com
AxiomSL, Inc. 2020-10-19 - Secondary Buyout
New York, New York · www.axiomsl.com
MedeAnalytics, Inc. 2020-10-01 - Secondary Buyout
Richardson, Texas · www.medeanalytics.com
Ellie Mae, Inc. 2020-08-06 11.0B USD Add-on Acquisition
Pleasanton, California · www.elliemae.com
Foundation Software, Inc. 2020-08-04 - Growth Capital
Strongsville, Ohio · www.foundationsoft.com
Majesco 2020-07-20 594M USD Going Private
Morristown, New Jersey · www.majesco.com
Syntellis Performance Solutions 2020-06-25 - Growth Capital
Chicago, Illinois · www.syntellis.com
Exostar LLC 2020-06-02 - Buyout (LBO, MBO, MBI)
Herndon, Virginia · www.exostar.com
IDaptive LLC 2020-05-13 70M USD Add-on Acquisition
Santa Clara, California · www.idaptive.com
Command Alkon, Inc. 2020-03-31 - Secondary Buyout
Birmingham, Alabama · www.commandalkon.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Barracuda Networks, Inc. 2017-11-27 Fyde 2020-11-11 3
Campbell, California · www.barracuda.com Campbell, California · www.fyde.com
ConnectWise, LLC 2019-02-25 Perch Security, Inc. 2020-11-10 3
Tampa, Florida · www.connectwise.com Tampa, Florida · www.perchsecurity.com
ConnectWise, LLC 2019-02-25 StratoZen, Inc. 2020-11-10 2
Tampa, Florida · www.connectwise.com Draper, Utah · www.stratozen.com
Frontline Technologies Group LLC 2017-08-04 SuccessEd 2020-11-04 4
Malvern, Pennsylvania · www.frontlineeducation.com Frisco, Texas · www.successed.net
SolarWinds, Inc. 2015-10-21 SentryOne 2020-10-23 7
Austin, Texas · www.solarwinds.com Charlotte, North Carolina · www.sentryone.com
Aucerna 2019-02-07 Previso Software Pty Ltd. 2020-10-22 2
Calgary, Alberta · www.aucerna.com Perth, Australia · www.previso.net
Quorum Business Solutions, Inc. 2018-08-13 Landdox 2020-10-05 6
Houston, Texas · www.qbsol.com Dallas, Texas · www.landdox.com
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 3
Bellevue, Washington · www.nintex.com Bellevue, Washington · www.k2.com
Imperva, Inc. 2018-10-10 jSonar 2020-10-01 2
Redwood Shores, California · www.imperva.com Waltham, Massachusetts · www.jsonar.com

M&A by Sector

Sector Current # Value All-time # Value
Software 17 (43%) 13.7B (57%) 37 (42%) 19.1B (52%)
Information Technology 11 (28%) 5.4B (23%) 23 (26%) 9.9B (27%)
Internet Software and Services 8 (20%) 3.2B (13%) 12 (14%) 3.9B (11%)
Financial Services 1 (3%) - 3 (3%) 1.0B (3%)
Technology Hardware 1 (3%) 1.6B (7%) 2 (2%) 1.6B (4%)
Information Services 1 (3%) - 2 (2%) 930M (3%)
Business Services - - 2 (2%) -
Safety/Security - - 2 (2%) -
Education 1 (3%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Retail - - 1 (1%) -
Total 40 $23.9B 88 $36.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 36 (90%) 18.8B (79%) 82 (93%) 31.4B (86%)
  California 9 (23%) 7.2B (30%) 21 (24%) 14.5B (40%)
  Texas 3 (8%) 4.5B (19%) 9 (10%) 4.6B (13%)
  Pennsylvania 2 (5%) 3.0B (13%) 6 (7%) 3.0B (8%)
  Massachusetts 4 (10%) 1.5B (6%) 5 (6%) 1.5B (4%)
  Illinois 3 (8%) - 4 (5%) 200M (1%)
  Utah 1 (3%) 2.0B (8%) 3 (3%) 2.0B (5%)
  Virginia 1 (3%) - 3 (3%) 1.1B (3%)
  New York 1 (3%) - 3 (3%) 930M (3%)
  New Jersey 1 (3%) 594M (2%) 3 (3%) 594M (2%)
  Minnesota 1 (3%) - 3 (3%) 143M (< 1%)
  Ohio 2 (5%) - 2 (2%) -
  Indiana 1 (3%) - 2 (2%) -
  Georgia 1 (3%) - 2 (2%) -
  Colorado 1 (3%) - 2 (2%) -
  Washington 1 (3%) - 2 (2%) -
  Michigan - - 2 (2%) 2.6B (7%)
  Florida 1 (3%) - 1 (1%) -
  Connecticut 1 (3%) - 1 (1%) -
  Arkansas 1 (3%) - 1 (1%) -
  Alabama 1 (3%) - 1 (1%) -
  Kansas - - 1 (1%) 195M (1%)
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Arizona - - 1 (1%) -
  Oregon - - 1 (1%) -
  Mississippi - - 1 (1%) -
Canada 3 (8%) 1.2B (5%) 4 (5%) 1.2B (3%)
  Ontario 2 (5%) 1.2B (5%) 3 (3%) 1.2B (3%)
  Alberta 1 (3%) - 1 (1%) -
United Kingdom 1 (3%) 3.9B (16%) 1 (1%) 3.9B (11%)
France - - 1 (1%) -
Domestic 36 (90%) 18.8B (79%) 82 (93%) 31.4B (86%)
Cross-border 4 (10%) 5.1B (21%) 6 (7%) 5.1B (14%)
Total 40 $23.9B 88 $36.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 12 (30%) 1.2B (5%) 25 (28%) 5.8B (16%)
Buyout (LBO, MBO, MBI) 12 (30%) - 24 (27%) -
Going Private 9 (23%) 21.7B (91%) 21 (24%) 28.5B (78%)
Divestiture 3 (8%) 950M (4%) 11 (13%) 2.2B (6%)
Growth Capital 3 (8%) - 4 (5%) -
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (3%) - 1 (1%) -
Total 40 $23.9B 88 $36.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 16 (31%) 5.1B (19%)
Trade Sale - Public Company 14 (27%) 22.0B (81%)
Trade Sale 9 (18%) -
Merger 7 (14%) -
IPO 2 (4%) -
Sold to Management 2 (4%) -
Recapitalization 1 (2%) -
Total 51 $27.1B

Top M&A Advisors

Financial Deals
Jefferies LLC
 8
Credit Suisse Investment Banking
 6
Goldman Sachs Investment Banking Division
 4
Legal Deals
Kirkland & Ellis LLP
 53
Goodwin Procter LLP
 6
Wilson Sonsini Goodrich & Rosati
 1

Deal Values

buy # Total
> $1B 13 $31.4B
$100M to $1B 11 $5.0B
< $100M 1 $66M
TOTAL $36.5B
Largest SolarWinds, Inc.
$4.5B (2015-10-21)
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
PE Firm(s)
71%
30 71%
Strategic(s)
29%
12 29%
Exited to
PE Firm(s)
43%
20 43%
Strategic(s)
57%
27 57%

Investor Summary

Size

Mega

PE Assets

35.0B 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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