Software investment firm Thoma Bravo has entered into a definitive agreement to acquire business spend management business Coupa Software.
The purchase will be an all-cash transaction with an enterprise value of $8bn. Upon completion of the transaction, Coupa will become a privately held business.
The transaction includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority. Under the terms of the deal, Coupa shareholders will receive $81 per share in cash, which represents a 77% premium to Coupa’s closing stock price on November 22.
Thoma’s acquisition is expected to close in the first half of next year, subject to customary closing conditions.
Upon completion of the transaction, Coupa’s common stock will no longer be listed on any public market. The company will continue to operate under the Coupa name and brand.
Thoma Bravo managing partner Holden Spaht said, “Coupa has created and led the large and growing Business Spend Management category. We’ve followed the company’s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base. We look forward to partnering with Rob and the rest of the management team to keep investing in the company’s product strategy while driving growth both organically and through M&A.”
Coupa CEO and chairman Rob Bernshteyn added, “For more than a decade, we’ve been building an incredible Business Spend Management Community and have proudly cemented our position as the market-leading platform in our category. We’re looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the Office of the CFO.
“While our ownership may change, our values do not. Every one of us at Coupa will continue to put our customers at the center of everything we do and help them maximize the value of every dollar they spend.”
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