Non-public-equity agency Thoma Bravo LP is tapping its latest and largest fund thus far because it plans to take Coupa Software program Inc. non-public in an all-cash acquisition with an enterprise worth of $8 billion.
The cloud-based business-spend administration platform stated Monday that its shareholders will probably be paid $81 a share, which represents a 77% premium to Coupa’s closing worth Nov. 22, the final full buying and selling day earlier than media reviews of a possible takeover surfaced.
The transaction features a vital minority funding from a subsidiary of the Abu Dhabi Funding Authority, Coupa stated.
Thoma is utilizing its latest, and to this point largest, buyout fund, Thoma Bravo Fund XV LP, to finance the deal, in keeping with a regulatory submitting. The agency just lately introduced it closed the fund at $24.3 billion, a part of a $32.4 billion fundraising effort that additionally included capital raised for the agency’s newest midmarket fund in addition to cash collected for a fund targeted on smaller know-how corporations, The Wall Road Journal beforehand reported.
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Coupa expects the deal to shut within the first half of 2023.
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As soon as accomplished, Coupa’s shares will now not be listed on a public market. The corporate will proceed to function below Coupa’s title and branding.
Coupa stated in a regulatory submitting outlining the transaction that it engaged with 14 potential acquirers, 11 of which had been monetary sponsors. Nevertheless, six events executed nondisclosure agreements and gained entry to nonpublic details about the corporate, which obtained two remaining and totally financed bids, the submitting famous. The submitting didn’t title the opposite bidder.
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Shares had been up 27% to $78.65 in morning buying and selling Monday.
Thoma Bravo has been an lively bidder for publicly traded software program corporations over the previous 12 months. In October, the agency introduced it will purchase digital identification know-how firm ForgeRock Inc. for $2.3 billion and that very same month additionally introduced it will purchase buyer expertise video firm UserTesting Inc. Earlier within the 12 months, it backed take-private offers for cybersecurity know-how corporations Ping Identification Holding Corp. and SailPoint Applied sciences Holdings Inc.
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