December 15, 2022 | Technology | North America | Ended

Coupa Software / Thoma Bravo: Deal Insight

Thoma Bravo announced on 12-Dec-22 that it will take private cloud-based technology firm Coupa Software through an $8bn buyout. The financial sponsor, which recently made a number of sizeable public-to-private deals for technology companies, including Anaplan, SailPoint, and Ping Identity, beat out Vista Equity Partners, which was also in takeover talks to buy the company. The deal, which the companies expect will complete in 1H’23, also includes a “significant minority investment” from the Abu Dhabi Investment Authority (ADIA). Under the terms of the agreement, Coupa stockholders will receive $81 per share in cash, representing a 30.5% one-day premium and a 77.2% premium when compared with Coupa’s closing share price on 22-Nov-22, the last trading day before media reports emerged regarding a possible sale of the company. Conditions include majority approval from Coupa shareholders and regulatory clearances, including under HSR, and notifications will also be made with CFIUS and the Defense Counterintelligence and Security Agency (DCSA)...

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