Thoma Bravo Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thoma Bravo has acquired 32 companies. It has also invested in 14 others.

Thoma Bravo’s most common sectors for investment aresoftware (44%) and information technology (26%) . The Firm’s most common investment types include going private (26%) and secondary buyout (25%). In total, Thoma Bravo has invested in 27 US states and 5 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 (44%). 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 Activity186
    • M&A Buy Activity121
    • M&A Sell Activity65
  • Total Sectors Invested 15
  • Total Countries Invested 5
  • M&A Buy/Sell Connections 78
  • M&A Advisors 30

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, Divestiture, 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 ≤ '17 '18 '19 '20 '21 '22 T
Buy (11.8/yr) # 62 13 11 10 19 6 121
vol $23.2B $3.1B $9.6B $13.6B $32.3B $20.8B $102.7B
Sell (6.0/yr) # 35 5 7 5 9 4 65
vol $10.2B $2.6B $1.6B $12.7B $2.3B $6.2B $35.6B
  186

Most Recent M&A

Company Date Value Type
Frontline Technologies Group LLC 2022-08-30 3.7B USD Divestiture
Malvern, Pennsylvania · www.frontlineeducation.com
Ping Identity Holding Corp. 2022-08-03 2.8B USD Going Private
Denver, Colorado · www.pingidentity.com
Mercell Holding ASA 2022-05-25 383M NOK Going Private
Oslo, Norway · www.mercell.com
Kofax, Inc. 2022-04-26 - Secondary Buyout
Irvine, California · www.kofax.com
Vivian Health, Inc. 2022-04-26 60M USD Divestiture
San Francisco, California · www.vivian.com
Barracuda Networks, Inc. 2022-04-12 - Secondary Buyout
Campbell, California · www.barracuda.com
SailPoint Technologies Holdings, Inc. 2022-04-11 6.9B USD Going Private
Austin, Texas · www.sailpoint.com
Anaplan, Inc. 2022-03-20 10.7B USD Going Private
San Francisco, California · www.anaplan.com
Veracode, Inc. 2022-03-15 2.5B USD Secondary Buyout
Burlington, Massachusetts · www.veracode.com
project44 2022-01-11 - Growth Capital
Chicago, Illinois · www.project44.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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
Medallia, Inc. 2021-07-26 Mindful 2022-07-11 4
San Francisco, California · www.medallia.com Akron, Ohio · www.getmindful.com
Riskonnect, Inc. 2017-06-07 Castellan Solutions, Inc. 2022-07-08 6
Kennesaw, Georgia · www.riskonnect.com Audubon, Pennsylvania · www.castellanbc.com
J.D. Power and Associates, Inc. 2019-07-30 Tail Light - Automotive F&I Menu and Reporting Software Business 2022-06-02 7
Westlake Village, California · www.jdpower.com Addison, Texas
Imprivata, Inc. 2016-07-13 SecureLink, Inc. 2022-02-23 5
Lexington, Massachusetts · www.imprivata.com Austin, Texas · www.securelink.com
Nintex Global Ltd. 2018-02-09 Kryon Systems Ltd. 2022-02-15 5
Bellevue, Washington · www.nintex.com Tel Aviv, Israel · www.kryonsystems.com
RealPage, Inc. 2020-12-21 G5, Inc. 2021-07-20 4
Richardson, Texas · www.realpage.com Bend, Oregon · www.getg5.com
Majesco 2020-07-20 Utilant LLC 2021-05-20 2
Morristown, New Jersey · www.majesco.com Buffalo, New York · www.losscontrol360.com

M&A by Sector

Sector Current # Value All-time # Value
Software 26 (44%) 23.1B (29%) 53 (44%) 36.5B (36%)
Information Technology 15 (25%) 14.1B (18%) 31 (26%) 19.6B (19%)
Internet Software and Services 13 (22%) 42.2B (53%) 20 (17%) 44.5B (43%)
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 59 $79.5B 121 $102.7B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 50 (85%) 71.6B (90%) 109 (90%) 94.8B (92%)
  California 12 (20%) 40.2B (50%) 29 (24%) 52.6B (51%)
  Texas 8 (14%) 17.1B (22%) 16 (13%) 21.7B (21%)
  Pennsylvania 2 (3%) 3.0B (4%) 7 (6%) 3.0B (3%)
  Illinois 3 (5%) 2.9B (4%) 6 (5%) 3.1B (3%)
  New York 3 (5%) - 5 (4%) 930M (1%)
  Massachusetts 2 (3%) 544M (1%) 5 (4%) 1.5B (1%)
  Utah 2 (3%) 2.0B (3%) 4 (3%) 2.0B (2%)
  Minnesota 2 (3%) - 4 (3%) 143M (< 1%)
  Colorado 2 (3%) 2.8B (4%) 3 (2%) 2.8B (3%)
  Arizona 2 (3%) - 3 (2%) -
  Georgia 2 (3%) - 3 (2%) -
  Virginia 1 (2%) - 3 (2%) 1.1B (1%)
  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 (3%)
  Connecticut 1 (2%) - 1 (1%) -
  Alabama 1 (2%) - 1 (1%) -
  North Carolina 1 (2%) - 1 (1%) -
  Florida 1 (2%) - 1 (1%) -
  Kansas - - 1 (1%) 195M (< 1%)
  Oregon - - 1 (1%) -
  Mississippi - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
Canada 5 (8%) 1.2B (2%) 7 (6%) 1.2B (1%)
  Ontario 3 (5%) 1.2B (2%) 4 (3%) 1.2B (1%)
  Alberta 1 (2%) - 2 (2%) -
  British Columbia 1 (2%) - 1 (1%) -
United Kingdom 2 (3%) 3.9B (5%) 2 (2%) 3.9B (4%)
France 1 (2%) 2.4B (3%) 2 (2%) 2.4B (2%)
Norway 1 (2%) 383M (< 1%) 1 (1%) 383M (< 1%)
Domestic 50 (85%) 71.6B (90%) 109 (90%) 94.8B (92%)
Cross-border 9 (15%) 7.9B (10%) 12 (10%) 7.9B (8%)
Total 59 $79.5B 121 $102.7B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 16 (27%) 67.0B (86%) 31 (26%) 83.4B (83%)
Secondary Buyout 14 (24%) 4.0B (5%) 30 (25%) 8.7B (9%)
Buyout (LBO, MBO, MBI) 8 (14%) - 25 (21%) -
Growth Capital 14 (24%) - 15 (12%) -
Divestiture 1 (2%) 60M (< 1%) 12 (10%) 2.2B (2%)
Venture 4 (7%) - 4 (3%) -
Add-on Acquisition 1 (2%) 6.4B (8%) 1 (1%) 6.4B (6%)
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Total 59 $77.5B 121 $100.7B

Exits by Deal Type

Type Total # Value
Secondary Sale 20 (31%) 7.6B (21%)
Trade Sale - Public Company 17 (26%) 24.3B (68%)
Trade Sale 11 (17%) -
Merger 8 (12%) -
IPO 4 (6%) -
Sold to Management 2 (3%) -
Divestiture 1 (2%) 3.7B (10%)
Bankruptcy 1 (2%) -
Recapitalization 1 (2%) -
Total 65 $35.6B

Top M&A Advisors

Financial Deals
Jefferies LLC
 8
Credit Suisse Investment Banking
 6
Goldman Sachs Investment Banking Division
 6
Legal Deals
Kirkland & Ellis LLP
 79
Goodwin Procter LLP
 7
McMillan LLP
 2

Deal Values

buy # Total
> $1B 24 $97.2B
$100M to $1B 12 $5.4B
< $100M 2 $126M
TOTAL $102.7B
Largest Proofpoint, Inc.
$12.3B (2021-04-26)
sell # Total
> $1B 12 $33.0B
$100M to $1B 6 $2.5B
< $100M 1 $70M
TOTAL $35.6B
Largest Ellie Mae, Inc.
$11.0B (2020-08-06)

M&A Connections

Deals
Acquired from
Investor(s)
25%
30 (25%)
Strategic(s)
11%
13 (11%)
Exited to
Investor(s)
31%
20 (31%)
Strategic(s)
52%
34 (52%)

Investor Summary

Investor Type

Private Equity Firm

Size

Mega

PE Assets

91.0B 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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