Key Takeaways
- • Thoma Bravo completed an all-cash acquisition of Anaplan for $10.7 billion, paying $66 per share, taking the enterprise software company private.
- • The deal represents one of the largest recent leveraged buyouts in the software sector and underscores continued PE appetite for cloud-native business intelligence platforms.
- • Owl Rock, a division of Blue Owl, provided $3.0 billion in financing to support the transaction, serving as Administrative Agent for the deal.
- • Anaplan stockholders received $66.00 per share in cash, converting the publicly traded company into a privately held entity under Thoma Bravo ownership.
- • The acquisition reflects Thoma Bravo's strategic focus on software investments, positioning the firm as a leading buyer in the enterprise application space.
Summary
Thoma Bravo LP, a prominent private equity investor focused on software companies, completed its acquisition of Anaplan Inc. for $10.7 billion in an all-cash transaction announced on March 21, 2022. Under the terms of the deal, Anaplan shareholders received $66 per share, representing full consideration in cash. The transaction converted Anaplan from a publicly traded company into a privately held entity under Thoma Bravo's control, marking one of the largest leveraged buyouts in recent software sector activity.
Anaplan, a provider of cloud-native business planning and intelligence software, became an attractive acquisition target given the growing demand for enterprise analytics and planning platforms. The all-cash structure of the deal eliminated financing risk for sellers and underscored confidence in the asset's strategic value. Thoma Bravo managing partner Holden Spaht commented on the acquisition during media appearances discussing the rationale behind the investment.
To support the transaction's capital requirements, Owl Rock, a division of Blue Owl Capital, arranged $3.0 billion in financing and assumed the role of Administrative Agent. This financing structure enabled Thoma Bravo to complete the acquisition while maintaining financial flexibility. The involvement of a major credit provider signaled strong confidence in Anaplan's cash generation capabilities and the deal's financial viability.
The acquisition exemplifies Thoma Bravo's continued strategic positioning as a leading software-focused private equity investor. By ranking fourth on Private Equity International's 2023 PEI 300 ranking of the largest PE firms and maintaining a substantial focus on technology assets, Thoma Bravo has consistently pursued opportunities in high-growth software verticals. The Anaplan deal reinforced the firm's commitment to acquiring mission-critical enterprise software platforms, particularly those serving the business planning and analytics segments where cloud adoption and digital transformation trends support strong revenue growth.
Anaplan, a provider of cloud-native business planning and intelligence software, became an attractive acquisition target given the growing demand for enterprise analytics and planning platforms. The all-cash structure of the deal eliminated financing risk for sellers and underscored confidence in the asset's strategic value. Thoma Bravo managing partner Holden Spaht commented on the acquisition during media appearances discussing the rationale behind the investment.
To support the transaction's capital requirements, Owl Rock, a division of Blue Owl Capital, arranged $3.0 billion in financing and assumed the role of Administrative Agent. This financing structure enabled Thoma Bravo to complete the acquisition while maintaining financial flexibility. The involvement of a major credit provider signaled strong confidence in Anaplan's cash generation capabilities and the deal's financial viability.
The acquisition exemplifies Thoma Bravo's continued strategic positioning as a leading software-focused private equity investor. By ranking fourth on Private Equity International's 2023 PEI 300 ranking of the largest PE firms and maintaining a substantial focus on technology assets, Thoma Bravo has consistently pursued opportunities in high-growth software verticals. The Anaplan deal reinforced the firm's commitment to acquiring mission-critical enterprise software platforms, particularly those serving the business planning and analytics segments where cloud adoption and digital transformation trends support strong revenue growth.
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