Thoma Bravo Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Thoma Bravo has acquired 31 companies. It has also invested in 2 others.

Thoma Bravo’s most common sectors for investment are software (42%) and information technology (27%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (28%) and secondary buyout (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 18 companies. The Firm’s most common exit type is trade sale (47%). 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 Activity136
    • M&A Buy Activity87
    • M&A Sell Activity49
  • 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 (8.0/yr) # 47 7 7 11 10 5 87
vol $16.9B $4.7B $1.6B $3.1B $9.6B $594M $36.5B
Sell (4.4/yr) # 27 4 4 4 7 3 49
vol $7.4B $2.8B $2.6B $1.6B $11.1B $25.5B
  136

Most Recent M&A

Company Date Value Type
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
Compuware Corp. 2020-03-02 - Add-on Acquisition
Detroit, Michigan · www.compuware.com
Autodata Solutions Group 2019-12-16 - Merger
London, Ontario · www.autodata.net
Instructure, Inc. 2019-12-04 2.0B USD Going Private
Salt Lake City, Utah · www.instructure.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
ABC Financial Services, Inc. 2017-11-08 TSR Gym Technik Ltd. 2020-09-15 3
Sherwood, Arkansas · www.abcfinancial.com Vancouver, British Columbia · www.trainerize.com
Hyland Software, Inc. 2007-07-31 Alfresco Software, Inc. 2020-09-09 14
Westlake, Ohio · www.hyland.com Wellesley, Massachusetts · www.alfresco.com
Qlik Technologies, Inc. 2016-06-02 Knarr Analytics LLC 2020-08-25 4
Radnor, Pennsylvania · www.qlikview.com Atlanta, Georgia · www.knarr.io
Hyland Software, Inc. 2007-07-31 Another Monday 2020-08-21 13
Westlake, Ohio · www.hyland.com Cologne, Germany · www.anothermonday.com
J.D. Power and Associates, Inc. 2019-07-30 ALG, Inc. 2020-08-06 3
Westlake Village, California · www.jdpower.com Santa Barbara, California · www.alg.com
ABC Financial Services, Inc. 2017-11-08 GymSales 2020-07-22 2
Sherwood, Arkansas · www.abcfinancial.com San Francisco, California · www.gymsales.net
Frontline Technologies Group LLC 2017-08-04 eDoctrina Corp. 2020-04-24 1
Malvern, Pennsylvania · www.frontlineeducation.com Williamsville, New York · www.edoctrina.org
Riskonnect, Inc. 2017-06-07 Xactium Ltd. 2020-03-16 3
Kennesaw, Georgia · www.riskonnect.com Sheffield, United Kingdom · www.xactium.com
Hyland Software, Inc. 2007-07-31 Streamline Health Solutions, Inc. - Enterprise Content Management (ECM) 2020-02-25 12
Westlake, Ohio · www.hyland.com Atlanta, Georgia
Quorum Business Solutions, Inc. 2018-08-13 EnergyIQ LLC 2020-02-18 5
Houston, Texas · www.qbsol.com Littleton, Colorado · www.energyiq.info

M&A by Sector

Sector Current # Value All-time # Value
Software 17 (41%) 13.7B (57%) 36 (41%) 19.1B (52%)
Information Technology 12 (29%) 5.4B (23%) 23 (26%) 9.9B (27%)
Internet Software and Services 8 (20%) 3.2B (13%) 13 (15%) 4.8B (13%)
Financial Services 1 (2%) - 3 (3%) 1.0B (3%)
Technology Hardware 1 (2%) 1.6B (7%) 2 (2%) 1.6B (4%)
Business Services - - 2 (2%) -
Safety/Security - - 2 (2%) -
Education 1 (2%) - 1 (1%) -
Healthcare Services - - 1 (1%) -
Information Services 1 (2%) - 1 (1%) -
Marketing - - 1 (1%) -
Media - - 1 (1%) -
Retail - - 1 (1%) -
Total 41 $23.9B 87 $36.5B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 37 (90%) 18.8B (79%) 81 (93%) 31.4B (86%)
  California 10 (24%) 7.2B (30%) 22 (25%) 14.5B (40%)
  Texas 4 (10%) 4.5B (19%) 8 (9%) 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 (7%) - 4 (5%) 200M (1%)
  Utah 1 (2%) 2.0B (8%) 3 (3%) 2.0B (5%)
  Virginia 1 (2%) - 3 (3%) 1.1B (3%)
  New Jersey 1 (2%) 594M (2%) 3 (3%) 594M (2%)
  Minnesota 1 (2%) - 3 (3%) 143M (< 1%)
  Ohio 2 (5%) - 2 (2%) -
  Washington 1 (2%) - 2 (2%) -
  Indiana 1 (2%) - 2 (2%) -
  Georgia 1 (2%) - 2 (2%) -
  Colorado 1 (2%) - 2 (2%) -
  Michigan - - 2 (2%) 2.6B (7%)
  New York - - 2 (2%) 930M (3%)
  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%) -
  Arizona - - 1 (1%) -
Canada 3 (7%) 1.2B (5%) 4 (5%) 1.2B (3%)
  Ontario 2 (5%) 1.2B (5%) 3 (3%) 1.2B (3%)
  Alberta 1 (2%) - 1 (1%) -
United Kingdom 1 (2%) 3.9B (16%) 1 (1%) 3.9B (11%)
France - - 1 (1%) -
Domestic 37 (90%) 18.8B (79%) 81 (93%) 31.4B (86%)
Cross-border 4 (10%) 5.1B (21%) 6 (7%) 5.1B (14%)
Total 41 $23.9B 87 $36.5B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 13 (32%) 1.2B (5%) 24 (28%) 5.8B (16%)
Buyout (LBO, MBO, MBI) 12 (29%) - 24 (28%) -
Going Private 9 (22%) 21.7B (91%) 21 (24%) 28.5B (78%)
Divestiture 3 (7%) 950M (4%) 11 (13%) 2.2B (6%)
Growth Capital 3 (7%) - 4 (5%) -
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Total 41 $23.9B 87 $36.5B

Exits by Deal Type

Type Total # Value
Trade Sale - Public Company 14 (29%) 22.0B (86%)
Secondary Sale 14 (29%) 3.5B (14%)
Trade Sale 9 (18%) -
Merger 7 (14%) -
IPO 2 (4%) -
Sold to Management 2 (4%) -
Recapitalization 1 (2%) -
Total 49 $25.5B

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
 52
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 8 $23.3B
$100M to $1B 5 $2.2B
< $100M 1 $70M
TOTAL $25.5B
Largest Ellie Mae, Inc.
$11.0B (2020-08-06)

M&A Connections

Deals %
Acquired from
PE Firm(s)
71%
29 71%
Strategic(s)
29%
12 29%
Exited to
PE Firm(s)
39%
17 39%
Strategic(s)
61%
27 61%

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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