Thoma Bravo Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Thoma Bravo has acquired 38 companies. It has also invested in 7 others.

Thoma Bravo’s most common sectors for investment aresoftware (46%) and information technology (25%) . The Firm’s most common investment types include secondary buyout (29%) 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 23 companies. The Firm’s most common exit type is trade sale (45%). 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 Activity165
    • M&A Buy Activity107
    • M&A Sell Activity58
  • Total Sectors Invested 13
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 63
  • 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 (10.6/yr) # 54 8 11 11 10 13 107
vol $21.6B $1.6B $3.1B $9.6B $13.6B $29.7B $79.2B
Sell (5.4/yr) # 31 4 5 7 5 6 58
vol $10.2B $2.6B $1.6B $12.7B $27.1B
  165

Most Recent M&A

Company Date Value Type
Heavy Construction Systems Specialists, Inc. 2021-09-14 - Buyout (LBO, MBO, MBI)
Sugar Land, Texas · www.hcss.com
Intel 471, Inc. 2021-09-08 - Growth Capital
Frisco, Texas · www.intel471.com
Condeco Software 2021-08-03 - Growth Capital
New York, New York · www.condecosoftware.com
MeridianLink, Inc. 2021-07-27 - IPO
Costa Mesa, California · www.meridianlink.com
Medallia, Inc. 2021-07-26 6.4B USD Add-on Acquisition
San Francisco, California · www.medallia.com
Stamps.com, Inc. 2021-07-09 6.6B USD Going Private
El Segundo, California · www.stamps.com
iOFFICE LLC 2021-07-01 - Secondary Buyout
Houston, Texas · www.iofficecorp.com
QAD, Inc. 2021-06-28 2.0B USD Going Private
Santa Barbara, California · www.qad.com
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
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
RealPage, Inc. 2020-12-21 G5, Inc. 2021-07-20 2
Richardson, Texas · www.realpage.com Bend, Oregon · www.getg5.com
Frontline Technologies Group LLC 2017-08-04 Hayes Software Systems 2021-06-17 6
Malvern, Pennsylvania · www.frontlineeducation.com Austin, Texas · www.hayessoft.com
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 2
Salt Lake City, Utah · www.instructure.com Wakefield, Massachusetts · www.certicasolutions.com
Imprivata, Inc. 2016-07-13 FairWarning, Inc. 2020-12-02 4
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

M&A by Sector

Sector Current # Value All-time # Value
Software 25 (48%) 26.6B (43%) 49 (46%) 36.5B (46%)
Information Technology 12 (23%) 5.4B (9%) 26 (24%) 9.9B (13%)
Internet Software and Services 12 (23%) 28.5B (46%) 16 (15%) 29.2B (37%)
Financial Services - - 3 (3%) 1.0B (1%)
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 52 $62.1B 107 $79.2B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 47 (90%) 54.6B (88%) 99 (93%) 71.7B (91%)
  California 13 (25%) 34.5B (56%) 27 (25%) 41.8B (53%)
  Texas 6 (12%) 10.2B (16%) 13 (12%) 14.8B (19%)
  Pennsylvania 3 (6%) 3.0B (5%) 7 (7%) 3.0B (4%)
  Massachusetts 3 (6%) 1.5B (2%) 5 (5%) 1.5B (2%)
  New York 3 (6%) - 5 (5%) 930M (1%)
  Illinois 2 (4%) 2.9B (5%) 5 (5%) 3.1B (4%)
  Utah 2 (4%) 2.0B (3%) 4 (4%) 2.0B (3%)
  Minnesota 2 (4%) - 4 (4%) 143M (< 1%)
  Virginia 1 (2%) - 3 (3%) 1.1B (1%)
  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 (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%) -
Canada 3 (6%) 1.2B (2%) 5 (5%) 1.2B (2%)
  Ontario 2 (4%) 1.2B (2%) 3 (3%) 1.2B (2%)
  British Columbia 1 (2%) - 1 (1%) -
  Alberta - - 1 (1%) -
France 1 (2%) 2.4B (4%) 2 (2%) 2.4B (3%)
United Kingdom 1 (2%) 3.9B (6%) 1 (1%) 3.9B (5%)
Domestic 47 (90%) 54.6B (88%) 99 (93%) 71.7B (91%)
Cross-border 5 (10%) 7.5B (12%) 8 (7%) 7.5B (9%)
Total 52 $62.1B 107 $79.2B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 17 (33%) 4.0B (7%) 31 (29%) 8.7B (11%)
Going Private 13 (25%) 48.7B (81%) 26 (24%) 60.0B (78%)
Buyout (LBO, MBO, MBI) 10 (19%) - 26 (24%) -
Divestiture 2 (4%) 950M (2%) 11 (10%) 2.2B (3%)
Growth Capital 8 (15%) - 9 (8%) -
Add-on Acquisition 1 (2%) 6.4B (11%) 1 (1%) 6.4B (8%)
Acquisition Financing - - 1 (1%) -
Consolidation - - 1 (1%) -
Recapitalization 1 (2%) - 1 (1%) -
Total 52 $60.1B 107 $77.2B

Exits by Deal Type

Type Total # Value
Secondary Sale 17 (29%) 5.1B (19%)
Trade Sale - Public Company 15 (26%) 22.0B (81%)
Trade Sale 11 (19%) -
Merger 8 (14%) -
IPO 4 (7%) -
Sold to Management 2 (3%) -
Recapitalization 1 (2%) -
Total 58 $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
 71
Goodwin Procter LLP
 6
Paul, Weiss, Rifkind, Wharton & Garrison LLP
 1

Deal Values

buy # Total
> $1B 20 $74.2B
$100M to $1B 11 $5.0B
< $100M 1 $66M
TOTAL $79.2B
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)
29%
31 (29%)
Strategic(s)
11%
12 (11%)
Exited to
Investor(s)
29%
17 (29%)
Strategic(s)
53%
31 (53%)

Investor Summary

Investor Type

Private Equity Firm

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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