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Investment Summary

Equality Asset Management Exit PCMI

On March 17, 2025, private equity firm Thoma Bravo and growth capital firm Equality Asset Management invested in software company PCMI from Equality Asset Management

Investment Highlights
  • This is Thoma Bravo’s 64th and Equality Asset Management’s 4th transaction in the Software sector.
  • This is Thoma Bravo’s 125th and Equality Asset Management’s 5th transaction in the United States.
  • This is Thoma Bravo’s 9th and Equality Asset Management’s 3rd transaction in Illinois.

Investment Summary
Date 2025-03-17
Target PCMI
Sector Software
Investor(s) Thoma Bravo
Equality Asset Management
Sellers(s) Equality Asset Management
Deal Type Secondary Buyout
Advisor(s) William Blair (Financial)
Goodwin Procter (Legal)

Target

PCMI

Park Ridge, Illinois, United States
PCMI offers a modular package of software solutions for the administration of F&I Products, Service Contracts, and Extended Warranties. PCMI’s SaaS platform, Policy Claim, and Reporting Solutions, supports and automates the full lifecycle of all aftermarket products and provides the most flexible environment for administrators, insurers, OEMs, agents, and dealers to launch new products. PCMI was founded in 2012 and is based in Park Ridge, Illinois.

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Investor(S) 2

Investor

Thoma Bravo

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1980
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

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/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 is based in Chicago, Illinois.

DEAL STATS #
Overall 144 of 151
Sector: Software M&A 64 of 69
Type: Secondary Buyout M&A Deals 35 of 36
State: Illinois M&A 9 of 9
Country: United States M&A 125 of 132
Year: 2025 M&A 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-04 Quorum Software

Houston, Texas, United States

Quorum Software is a portfolio of finance, operations, and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. Quorum Software was founded in 1998 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-22 Boeing - Digital Aviation Solutions

Arlington, Virginia, United States

Boeing's Digital Aviation Solutions division focuses on providing software and data-driven services for the aviation industry, including assets like Jeppesen, ForeFlight, AerData, and OzRunways. Boeing's Digital Aviation Solutions is based in Arlington, Virginia.

Buy $10.6B
Investor

Equality Asset Management

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

Equality Asset Management is a growth?oriented private equity firm focused on investing in software and software?enabled services companies. The Firm typically deploys $to $150?million of equity per investment to support growth capital and recapitalization needs. Equality Asset Management was formed in 2018 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 5 of 5
Sector: Software M&A 4 of 4
Type: Secondary Buyout M&A Deals 1 of 1
State: Illinois M&A 3 of 3
Country: United States M&A 5 of 5
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Evention

Chicago, Illinois, United States

Evention is a provider of software to hotels, restaurants, and retailers that leverage automation to reinvent legacy accounting processes. Evention’s Software as a Service (SaaS) solutions simplify back-office processes for various verticals from retail to restaurant to grocery, hospitality, casino, and others. Evention is based in Chicago, Illinois.

Buy -

Seller(S) 1

SELLER

Equality Asset Management

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2018
Size Small
Type Sector Agnostic
DESCRIPTION

Equality Asset Management is a growth?oriented private equity firm focused on investing in software and software?enabled services companies. The Firm typically deploys $to $150?million of equity per investment to support growth capital and recapitalization needs. Equality Asset Management was formed in 2018 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 1 of 1
Sector: Software M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 1
State: Illinois M&A 1 of 1
Country: United States M&A 1 of 1
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Evention

Chicago, Illinois, United States

Evention is a provider of software to hotels, restaurants, and retailers that leverage automation to reinvent legacy accounting processes. Evention’s Software as a Service (SaaS) solutions simplify back-office processes for various verticals from retail to restaurant to grocery, hospitality, casino, and others. Evention is based in Chicago, Illinois.

Buy -
Mergr

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