M&A Deal Summary

Thoma Bravo and General Atlantic Acquire Coupa

On December 12, 2022, private equity firm Thoma Bravo and growth capital firm General Atlantic acquired internet software and services company Coupa for 8.0B USD

Acquisition Highlights
  • This is Thoma Bravo’s 24th and General Atlantic’s 71st transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 4th and General Atlantic’s largest (disclosed) transaction.
  • This is Thoma Bravo’s 115th and General Atlantic’s 158th transaction in the United States.
  • This is Thoma Bravo’s 30th and General Atlantic’s 45th transaction in California.

M&A Deal Summary
Date 2022-12-12
Target Coupa
Sector Internet Software and Services
Buyer(s) Thoma Bravo
General Atlantic
Deal Type Going Private
Deal Value 8.0B USD
Advisor(s) Qatalyst Partners (Financial)
Freshfields Bruckhaus Deringer (Legal)

Target

Coupa

San Mateo, California, United States
Coupa is a cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa was founded in 2006 and is based in San Mateo, California.

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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 128 of 140
Sector (Internet Software and Services) 24 of 26
Type (Going Private) 34 of 39
State (California) 30 of 31
Country (United States) 115 of 120
Year (2022) 11 of 12
Size (of disclosed) 4 of 47
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-27 UserTesting

San Francisco, California, United States

UserTesting is a video-based human insight that taps into a client's global network of real people and generates video-based recorded experiences, so anyone in an organization can directly ask questions, hear what users say, see what they mean, and understand what it’s actually like to be a customer. The company reduces guesswork and brings customer experience data to life with human insight. It has more than 2,500 customers, including more than half of the world’s top 100 most valuable brands according to Forbes. UserTesting was founded in 2007 and is based in San Francisco, California.

Buy $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-15 Nearmap

Barangaroo, Australia

Nearmap provides easy, instant access to high resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Nearmap was founded in 2007 and is based in Barangaroo, Australia.

Buy AU$1.1B
Buyer

General Atlantic

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1980
PE ASSETS 73.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 328 of 343
Sector (Internet Software and Services) 71 of 74
Type (Going Private) 4 of 7
State (California) 45 of 46
Country (United States) 158 of 163
Year (2022) 22 of 22
Size (of disclosed) 1 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-26 Mobileye

Jerusalem, Israel

Mobileye develops and deploys advanced driver-assistance systems and autonomous driving technologies and solutions. Mobileye was formed in 1999 and is based in Jerusalem, Israel.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-22 China Index Holdings

Beijing, China

China Index Holdings is a spun-off from Fang Holdings. China Index Holdings is a data and marketing services provider to the chinese real estate market. China Index Holdings is based in Beijing, China.

Sell -
Mergr

Product

Company

Legal