Going Private • Internet Software and Services

Thoma Bravo Acquires Instructure

On December 4, 2019, private equity firm Thoma Bravo acquired internet software and services company Instructure for 2.0B USD

Acquisition Context
  • This is Thoma Bravo’s 11th transaction in the Internet Software and Services sector.
  • This is Thoma Bravo’s 26th largest (disclosed) transaction.
  • This is Thoma Bravo’s 80th transaction in the United States.
  • This is Thoma Bravo’s 3rd transaction in Utah.
Investment Fate
  • Instructure went public in 2021.
  • Instructure was sold to a financial buyer in 2024 for 4.8B USD.

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M&A Deal Summary

Date December 4, 2019
Target Instructure
Sector Internet Software and Services
Buyer(s) Thoma Bravo
Deal Type Going Private
Deal Value 2.0B USD
Advisor(s) J.P. Morgan Securities (Financial)
Cooley (Legal)

Target Company

Instructure

Salt Lake City, Utah, United States
Instructure is a software-as-a-service (SaaS) technology company that makes software that makes people smarter. Instructure was founded in 2008 and is based in Salt Lake City, Utah.
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Buyer Overview 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 Context for Buyer #
Overall 87 of 151
Sector: Internet Software and Services 11 of 28
Type: Going Private 20 of 43
State: Utah 3 of 4
Country: United States 80 of 132
Year: 2019 11 of 12
Size (of disclosed) 26 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-30 Continuum Managed Services

Boston, Massachusetts, United States

Continuum Managed Services LLC is a managed IT service providers, giving them the technology platform, services and processes they need to simplify IT management and deliver exceptional service to their small and medium-sized clients. Continuum Managed Services LLC was established in 2011 and is headquartered in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-05 Suvoda

Conshohocken, Pennsylvania, United States

Suvoda is a SaaS company, focused on transforming clinical trials using the power of technology. Suvoda's Interactive Response Technology (IRT) system solves complex patient randomization and clinical trial supply chain challenges, so that customers have peace of mind to focus on their patients. Suvoda was founded in 2012 and is based in Conshohocken, Pennsylvania.

Buy -