M&A Deal Summary

Thoma Bravo and Gemspring Capital Acquire OPEXUS

On January 27, 2025, private equity firms Thoma Bravo and Gemspring Capital acquired software company OPEXUS from Gemspring Capital

Acquisition Highlights
  • This is Thoma Bravo’s 60th and Gemspring Capital’s 5th transaction in the Software sector.
  • This is Thoma Bravo’s 122nd and Gemspring Capital’s 33rd transaction in the United States.
  • This is Thoma Bravo’s 1st and Gemspring Capital’s 2nd transaction in District of Columbia.

M&A Deal Summary

Date 2025-01-27
Target OPEXUS
Sector Software
Buyer(s) Thoma Bravo
Gemspring Capital
Sellers(s) Gemspring Capital
Deal Type Secondary Buyout
Advisor(s) McDermott Will & Emery (Legal)

Target

OPEXUS

Washington, District of Columbia, United States
OPEXUS is a provider of case management software and IT services, primarily for government customers. OPEXUS was founded in 1988 and is based in Washington DC.

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Buyer(S) 2

Buyer

Thoma Bravo

Chicago, Illinois, United States

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 141 of 143
Sector: Software M&A 60 of 62
Type: Secondary Buyout M&A Deals 33 of 34
State: District of Columbia M&A 1 of 1
Country: United States M&A 122 of 124
Year: 2025 M&A 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-12-04 USU Product Business

Germany

USU Product Business is a provider of IT management solutions.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-13 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.

Sell -
Buyer

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


DEAL STATS #
Overall 33 of 36
Sector: Software M&A 5 of 6
Type: Secondary Buyout M&A Deals 11 of 12
State: District of Columbia M&A 2 of 2
Country: United States M&A 33 of 36
Year: 2025 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Insurvia

Las Vegas, Nevada, United States

Insurvia is an insurance services holding company with subsidiaries including Fiesta Insurance, a leading retail franchisor of insurance products and services with 70 franchisees operating 235 retail stores across nine states and a growing eCommerce platform, and bravo general, an MGA with an omnichannel distribution strategy serving the automotive market. Insurvia is based in Las Vegas, Nevada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-10 Creative Labs

Eagan, Minnesota, United States

Creative Labs is a manufacturer and developer of branded and contract-manufactured haircare and skincare products. Creative Labs is based in Eagan, Minnesota.

Buy -

Seller(S) 1

SELLER

Gemspring Capital


Category Private Equity Firm
Founded 2015
PE ASSETS 1.1B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Gemspring Capital is a private equity firm focused on making control equity investments and structured equity investments in lower middle-market companies headquartered in the United States and Canada. For platform investments, Gemspring targets companies with $5 to $500 million with strong competitive positions within sustainable market niches. Sectors of interest include business services, distribution/logistics, industrial services, media, technology, software, and niche manufacturing. Gemspring Capital is based in Westport, Connecticut.


DEAL STATS #
Overall 6 of 6
Sector: Software M&A 2 of 2
Type: Secondary Buyout M&A Deals 5 of 5
State: District of Columbia M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2025 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-14 Insurvia

Las Vegas, Nevada, United States

Insurvia is an insurance services holding company with subsidiaries including Fiesta Insurance, a leading retail franchisor of insurance products and services with 70 franchisees operating 235 retail stores across nine states and a growing eCommerce platform, and bravo general, an MGA with an omnichannel distribution strategy serving the automotive market. Insurvia is based in Las Vegas, Nevada.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-10 Creative Labs

Eagan, Minnesota, United States

Creative Labs is a manufacturer and developer of branded and contract-manufactured haircare and skincare products. Creative Labs is based in Eagan, Minnesota.

Buy -