Key Takeaways
- • Thoma Bravo has appointed Barrenjoey Capital Partners and Goldman Sachs as joint lead managers for Nearmap's return to the ASX, following the private equity firm's AUD $1.055 billion acquisition of the aerial imaging software company completed in late 2022.
- • Listing preparations are expected to commence in the first half of 2027, with Thoma Bravo targeting an ASX listing approximately one year from the announcement date, positioning Nearmap for a public market return after its delisting.
- • The billion-dollar valuation underscores institutional confidence in location intelligence and aerial imagery software as a sustainable software-as-a-service asset class, particularly relevant for infrastructure, real estate, and government applications.
- • Goldman Sachs and Barrenjoey's joint appointment reflects a typical institutional capital markets strategy pairing a major global investment bank with a leading regional Australian advisory firm to manage the listing process.
Summary
Nearmap, the Australian aerial imaging and location intelligence software company, is preparing for a return to public markets through an ASX listing expected to launch in the first half of 2027. The San Francisco-based private equity firm Thoma Bravo, which acquired 100% of Nearmap's shares for AUD $1.055 billion in late 2022, has engaged Barrenjoey Capital Partners and Goldman Sachs as joint lead managers to oversee the listing process.
The appointment of these two banks signals a structured capital markets operation designed to manage what will be a significant re-listing for an Australian technology asset. Barrenjoey, a boutique investment bank with substantial presence in Australian capital markets, partnered with Goldman Sachs—a tier-one global investment banking institution—provides complementary coverage of domestic and international investor bases. The timing aligns with Thoma Bravo's stated objective to return the company to public markets within approximately twelve months of the announcement.
Nearmap's trajectory from ASX-listed company to private equity ownership and back to public markets reflects the typical value creation strategy employed by software-focused private equity investors. Thoma Bravo, which specializes in software and software-enabled service businesses, acquired Nearmap at AUD $2.10 per share—the transaction valued at AUD $1.055 billion. The company's core business centers on aerial imagery capture, processing, and software-as-a-service solutions serving infrastructure, real estate, agriculture, and government sectors across Australia and North America.
All parties—Thoma Bravo, Goldman Sachs, and Barrenjoey—declined to comment on the engagement or listing timeline. The preliminary timeline of H1 2027 for listing preparations suggests that detailed due diligence, preliminary prospectus work, and regulatory filings with the ASX will commence in the coming months.
The appointment of these two banks signals a structured capital markets operation designed to manage what will be a significant re-listing for an Australian technology asset. Barrenjoey, a boutique investment bank with substantial presence in Australian capital markets, partnered with Goldman Sachs—a tier-one global investment banking institution—provides complementary coverage of domestic and international investor bases. The timing aligns with Thoma Bravo's stated objective to return the company to public markets within approximately twelve months of the announcement.
Nearmap's trajectory from ASX-listed company to private equity ownership and back to public markets reflects the typical value creation strategy employed by software-focused private equity investors. Thoma Bravo, which specializes in software and software-enabled service businesses, acquired Nearmap at AUD $2.10 per share—the transaction valued at AUD $1.055 billion. The company's core business centers on aerial imagery capture, processing, and software-as-a-service solutions serving infrastructure, real estate, agriculture, and government sectors across Australia and North America.
All parties—Thoma Bravo, Goldman Sachs, and Barrenjoey—declined to comment on the engagement or listing timeline. The preliminary timeline of H1 2027 for listing preparations suggests that detailed due diligence, preliminary prospectus work, and regulatory filings with the ASX will commence in the coming months.
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