M&A Deal Summary

Thoma Bravo Acquires Bottomline

On December 17, 2021, private equity firm Thoma Bravo acquired internet software and services company Bottomline for 2.6B USD

Acquisition Highlights
  • This is Thoma Bravo’s 19th transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 16th largest (disclosed) transaction.
  • This is Thoma Bravo’s 104th transaction in the United States.
  • This is Thoma Bravo’s 1st transaction in New Hampshire.

M&A Deal Summary
Date 2021-12-17
Target Bottomline
Sector Internet Software and Services
Buyer(s) Thoma Bravo
Deal Type Going Private
Deal Value 2.6B USD
Advisor(s) Deutsche Bank Corporate & Investment Banking (Financial)
Skadden, Arps, Slate, Meagher & Flom
Wilmer Cutler Pickering Hale and Dorr (Legal)

Target

Bottomline

Portsmouth, New Hampshire, United States
Bottomline makes complex business payments simple, smart, and secure. Corporations and banks rely on Bottomline for domestic and international payments, efficient cash management, automated workflows for payment processing and bill review, and fraud detection, behavioral analytics, and regulatory compliance solutions. Bottomline was founded in 1989 and is based in Portsmouth, New Hampshire.

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Buyer(S) 1

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 115 of 139
Sector (Internet Software and Services) 19 of 27
Type (Going Private) 27 of 39
State (New Hampshire) 1 of 1
Country (United States) 104 of 120
Year (2021) 17 of 19
Size (of disclosed) 16 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-15 Anchorage Digital

San Francisco, California, United States

Anchorage Digital is the most advanced digital asset platform for investors. From custody and trading to staking, governance, and financing, Anchorage offers a full range of crypto-native financial solutions that are compliant, built to adapt to emerging blockchain use cases, and made to evolve alongside the needs of digital asset investors. Anchorage Digital was founded in 2017 and is based in San Francisco, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-20 Figment

Toronto, Ontario, Canada

Figment is the largest blockchain infrastructure and services providers. Figment provides enterprise-grade node and staking infrastructure, the Hubble Web 3 explorer, and developer tools while also actively participating in community & governance. Figment was founded in 2018 and is based in Toronto, Ontario.

Buy -
Mergr

Product

Company

Legal