Coupa Software to Go Private with Acquisition by PE-Giant Thoma Bravo for $8B

Private equity firm Thoma Bravo has taken the San Mateo, California-based business software company Coupa Software private in an all-cash deal worth $8 billion.

Thoma Bravo will pay $81 per share to Coupa shareholders, representing a premium of 30.5% to the stock’s closing level on Friday. The purchase price was 77.2% higher than the closing price on November 22, when investors’ interest in the company was first reported.

The deal includes a minority investment from an affiliate of sovereign wealth fund Abu Dhabi Investment Authority.

“We’re looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the Office of the CFO,” said Rob Bernshteyn, chairman and chief executive officer at Coupa.

Despite this year’s more challenging fund-raising environment, Thoma Bravo has already completed several sizable take-private deals, including Anaplan Inc, Sailpoint Inc and Ping Identity.

Coupa Software went public in 2016 at $18 a share. Shares hit an all-time high in February 2021 at $377.04 before plunging nearly 90% to $40.30 in November.

Qatalyst Partners LP is serving as financial advisor to Coupa and Freshfields Bruckhaus Deringer LLP is serving as the company’s legal advisor.

Goldman Sachs & Co. LLC and Piper Sandler acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Thoma Bravo.