M&A Deal Summary

Thoma Bravo and Manulife Investment Management Acquire Compuware

On September 2, 2014, private equity firm Thoma Bravo and mezzanine finance firm Manulife Investment Management acquired information technology company Compuware for 2.5B USD

Acquisition Highlights
  • This is Thoma Bravo’s 11th and Manulife Investment Management’s 2nd transaction in the Information Technology sector.
  • This is Thoma Bravo’s 17th and Manulife Investment Management’s largest (disclosed) transaction.
  • This is Thoma Bravo’s 39th and Manulife Investment Management’s 18th transaction in the United States.
  • This is Thoma Bravo’s 2nd and Manulife Investment Management’s 1st transaction in Michigan.
Investment Fate
  • Compuware was sold to a strategic buyer in 2020.

M&A Deal Summary
Date 2014-09-02
Target Compuware
Sector Information Technology
Buyer(s) Thoma Bravo
Manulife Investment Management
Deal Type Going Private
Deal Value 2.5B USD
Advisor(s) Goldman Sachs (Financial)
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Compuware

Detroit, Michigan, United States
Compuware Corp. empowers the world’s largest companies to excel in the digital economy by taking full advantage of their mainframe investments. Compuware Corp. does this by delivering innovative software that enables IT, professionals, with mainstream skills to develop, deliver and support mainframe applications with ease and agility. Our modernized solutions uniquely automate mainframe work, integrate into a cross-platform DevOps toolchain and measure software delivery quality, velocity and efficiency.

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Buyer(S) 2

Buyer

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 40 of 140
Sector (Information Technology) 11 of 37
Type (Going Private) 12 of 39
State (Michigan) 2 of 2
Country (United States) 39 of 120
Year (2014) 5 of 6
Size (of disclosed) 17 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-08 SailPoint

Austin, Texas, United States

SailPoint provides independent identity and access management (IAM) solutions to securely and effectively deliver and manage user access from various devices to data and applications residing in the datacenter, on mobile devices, and in the cloud for organizations worldwide. SailPoint was founded in 2004 and is based in Austin, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-21 Veriforce

The Woodlands, Texas, United States

Veriforce is a provider of integrated compliance, safety, and training solutions specifically tailored to energy operators and their contractors within the upstream, midstream, and downstream segments of the energy industry. Veriforce was founded in 1993 and is based in The Woodlands, Texas.

Buy -
Buyer

Manulife Investment Management

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1998
Size Large
Type Sector Agnostic
DESCRIPTION

Manulife Investment Management is a private investment group that provides mezzanine as well as non-controlling equity capital to middle-market businesses. Manulife Investment's target investment size is $10 to $50 million per transaction. The Group prefers opportunities located in the US. Manulife Investment Management was established in 1998 and maintains offices in Boston and New York City.

DEAL STATS #
Overall 19 of 26
Sector (Information Technology) 2 of 3
Type (Going Private) 1 of 1
State (Michigan) 1 of 2
Country (United States) 18 of 24
Year (2014) 1 of 3
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-19 Document Technologies

Atlanta, Georgia, United States

DTI is a privately held legal process outsourcing company in the US serving law firms and corporations. DTI helps its clients accelerate the changes they must make to remain competitive. DTI was founded in 1998 and is based in Atlanta, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-09-17 SolAero

Albuquerque, New Mexico, United States

SolAero is a manufacturer of highly efficient, radiation-hard solar cells, Coverglass Interconnected Cells (CICs), and solar panels for space power applications. Since 2001, SolAero products have powered 160 successful space missions with zero on-orbit failures. SolAero Technologies was founded in 1998 and is based in Albuquerque, New Mexico.

Buy $150M
Mergr

Product

Company

Legal