Thoma Bravo Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thoma Bravo has acquired 28 companies. It has also invested in 3 others.

Thoma Bravo’s most common sectors for investment are software (44%) and information technology (27%). The Firm’s most common investment types include secondary buyout (30%) and buyout (lbo, mbo, mbi) (27%). In total, Thoma Bravo has invested in 26 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2020 when it acquired RealPage for $10.2B.

In the last 3 years, Thoma Bravo has exited 20 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 Activity147
    • M&A Buy Activity92
    • M&A Sell Activity55
  • Total Sectors Invested 13
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 58
  • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (7.6/yr) # 54 7 11 10 10 - 92
vol $21.6B $1.6B $3.1B $9.6B $13.6B $49.5B
Sell (4.8/yr) # 31 4 5 7 5 3 55
vol $10.2B $2.6B $1.6B $12.7B $27.1B
  147

Most Recent M&A

Company Date Value Type
Aucerna 2021-02-15 - Merger
Calgary, Alberta · www.aucerna.com
Centrify Corp. 2021-01-28 - Secondary Buyout
Santa Clara, California · www.centrify.com
Segall Bryant & Hamill 2021-01-25 - Add-on Acquisition
Chicago, Illinois · www.sbhic.com
RealPage, Inc. 2020-12-21 10.2B USD Going Private
Richardson, Texas · www.realpage.com
Zipari, Inc. 2020-12-21 - Growth Capital
Brooklyn, New York · www.zipari.com
Venafi, Inc. 2020-12-10 - Secondary Buyout
Salt Lake City, Utah · www.venafi.com
Flexera Software, Inc. 2020-12-03 2.9B USD Secondary Buyout
Schaumburg, Illinois · www.flexerasoftware.com
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. 2020-10-13 - Secondary Buyout
Richardson, Texas · www.medeanalytics.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
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 3
Bellevue, Washington · www.nintex.com Bellevue, Washington · www.k2.com
Hyland Software, Inc. 2007-07-31 Alfresco Software, Inc. 2020-09-09 14
Westlake, Ohio · www.hyland.com Wellesley, Massachusetts · www.alfresco.com
J.D. Power and Associates, Inc. 2019-07-30 ALG, Inc. 2020-08-06 4
Westlake Village, California · www.jdpower.com Santa Barbara, California · www.alg.com

M&A by Sector

Sector Current # Value All-time # Value
Software 18 (45%) 22.2B (69%) 40 (43%) 32.1B (65%)
Information Technology 11 (28%) 5.4B (17%) 24 (26%) 9.9B (20%)
Internet Software and Services 8 (20%) 3.2B (10%) 12 (13%) 3.9B (8%)
Financial Services - - 3 (3%) 1.0B (2%)
Technology Hardware 1 (3%) 1.6B (5%) 2 (2%) 1.6B (3%)
Information Services 1 (3%) - 2 (2%) 930M (2%)
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 $32.4B 92 $49.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (93%) 27.3B (84%) 86 (93%) 44.4B (90%)
  California 8 (20%) 7.2B (22%) 21 (23%) 14.5B (29%)
  Texas 3 (8%) 10.2B (31%) 10 (11%) 14.8B (30%)
  Pennsylvania 2 (5%) 3.0B (9%) 6 (7%) 3.0B (6%)
  Massachusetts 4 (10%) 1.5B (5%) 5 (5%) 1.5B (3%)
  Illinois 3 (8%) 2.9B (9%) 5 (5%) 3.1B (6%)
  Utah 2 (5%) 2.0B (6%) 4 (4%) 2.0B (4%)
  New York 2 (5%) - 4 (4%) 930M (2%)
  Virginia 1 (3%) - 3 (3%) 1.1B (2%)
  New Jersey 1 (3%) 594M (2%) 3 (3%) 594M (1%)
  Minnesota 1 (3%) - 3 (3%) 143M (< 1%)
  Ohio 2 (5%) - 2 (2%) -
  Washington 1 (3%) - 2 (2%) -
  Indiana 1 (3%) - 2 (2%) -
  Georgia 1 (3%) - 2 (2%) -
  Colorado 1 (3%) - 2 (2%) -
  Michigan - - 2 (2%) 2.6B (5%)
  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%)
  Oregon - - 1 (1%) -
  Mississippi - - 1 (1%) -
  Maryland - - 1 (1%) -
  Louisiana - - 1 (1%) -
  Arizona - - 1 (1%) -
Canada 2 (5%) 1.2B (4%) 4 (4%) 1.2B (2%)
  Ontario 2 (5%) 1.2B (4%) 3 (3%) 1.2B (2%)
  Alberta - - 1 (1%) -
United Kingdom 1 (3%) 3.9B (12%) 1 (1%) 3.9B (8%)
France - - 1 (1%) -
Domestic 37 (93%) 27.3B (84%) 86 (93%) 44.4B (90%)
Cross-border 3 (8%) 5.1B (16%) 6 (7%) 5.1B (10%)
Total 40 $32.4B 92 $49.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 14 (35%) 4.0B (12%) 27 (29%) 8.7B (18%)
Buyout (LBO, MBO, MBI) 9 (23%) - 24 (26%) -
Going Private 9 (23%) 27.4B (85%) 22 (24%) 38.7B (78%)
Divestiture 3 (8%) 950M (3%) 11 (12%) 2.2B (4%)
Growth Capital 4 (10%) - 5 (5%) -
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (3%) - 1 (1%) -
Total 40 $32.4B 92 $49.5B

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (31%) 5.1B (19%)
Trade Sale - Public Company 15 (27%) 22.0B (81%)
Trade Sale 9 (16%) -
Merger 8 (15%) -
IPO 3 (5%) -
Sold to Management 2 (4%) -
Recapitalization 1 (2%) -
Total 55 $27.1B

Top M&A Advisors

Financial Deals
Jefferies LLC
 8
Credit Suisse Investment Banking
 6
Goldman Sachs Investment Banking Division
 5
Legal Deals
Kirkland & Ellis LLP
 58
Goodwin Procter LLP
 6
Wilson Sonsini Goodrich & Rosati
 1

Deal Values

buy # Total
> $1B 15 $44.5B
$100M to $1B 11 $5.0B
< $100M 1 $66M
TOTAL $49.5B
Largest RealPage, Inc.
$10.2B (2020-12-21)
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
Investor(s)
29%
27 (29%)
Strategic(s)
13%
12 (13%)
Exited to
Investor(s)
31%
17 (31%)
Strategic(s)
53%
29 (53%)

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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