Thoma Bravo-backed Apttus is merging with Conga to create a software-as-service business with around $400 million in revenue. Thoma Bravo remains the lead investor in the company, while Insight Partners will retain material ownership. The combined company digitally converts foundational business documentation for services like quotes, contracts and processes. Frank Holland, former CEO of Apttus, will lead the combined organization going forward. Matthew Schiltz, former Chief Executive Officer of Conga, will join the company’s board of managers.
Apttus, the leader in quote-to-cash (QTC) solutions, and Conga, the leader in Digital Document Transformation today announced the two companies are joining forces to create the leader in digital transformation for commercial operations. The transaction creates a leader in mission critical business process solutions, allowing both small and large enterprises to modernize revenue generation and manage key relationships. The go-forward company will operate under the Conga brand.
The new company combines two SaaS leaders with roughly $400 million in GAAP revenue spread across a unique product portfolio that includes Configure-Price-Quote (CPQ), Contract Lifecycle Management (CLM), Document Generation, Process Automation and eSignature. Together, the new Conga is poised to provide the most complete offering in the market to digitally transform the foundational elements of business — documents like quotes, contracts and the processes that surround them — to achieve commercial excellence.
Conga’s end-to-end solution will empower organizations to revolutionize business operations, streamline workflows and deliver documents more effectively in the changing digital economy. Conga will set the standard for how companies — including its now well over 10,000 enterprise and mid-market customers — will operate their business to be ready for the challenges of tomorrow.
Digital transformation paves the way for commercial excellence:
At a time when digital transformation is more important than ever, many organizations struggle to effectively manage the foundational elements of business, resulting in customer experiences that are inefficient and disjointed. The new Conga’s comprehensive product set and expertise will help businesses drive revenue generation, manage key relationships and ensure faster, smarter sales cycles to create better, more efficient buying experiences that match the speed of their customers.
Frank Holland, previously the Chief Executive Officer of Apttus, will lead the go-forward company as Chief Executive Officer and Matthew J. Schiltz, former Chief Executive Officer of Conga, will join the company’s Board of Managers. Nikitas Koutoupes, Managing Director at Insight Partners, the majority stakeholder in Conga, will also join the Board of Managers. Thoma Bravo remains the lead strategic investor and Insight Partners will retain a material ownership stake in the company and remain an active partner. The executive team will consist of individuals from both companies.
Deutsche Bank Securities Inc. served as the Direct Lending Financing Provider and exclusive M&A advisor and Kirkland & Ellis served as legal advisor for Apttus. Qatalyst Partners served as exclusive financial advisor and Willkie Farr & Gallagher as legal advisor to Conga.
“Apttus and Conga are people-first businesses with core values that fit together seamlessly, and both are fueled by an inherent drive to succeed. Combined, we’ll continue to deliver the same dedication to customer service, innovation and culture as we have in the past. Our mission remains resolute — to ensure customer success and unmatched world-class products and services. Now, we’ll do it together.” — Frank Holland, Chief Executive Officer, Conga
“Digital transformation is critical to long-term success. Today marks the beginning of an incredible journey for Conga, our customers, partners and employees. Together as Conga, we’ll be able to provide a complete digital transformation solution for commercial excellence to meet our clients’ needs today, paired with unparalleled partnership to guide them to where they need to be tomorrow.” — Matthew J. Schiltz, [Board of Managers, Conga]
“The combination of Apttus and Conga, two leaders in business process transformation, creates a new company with significant scale, a unique set of complementary product offerings and a highly skilled management team with an impressive track record of success. We are excited to continue our partnership with Frank Holland and the combined senior leadership team, and look forward to supporting the go-forward company’s aggressive growth aspirations.” — Holden Spaht, a Managing Partner at Thoma Bravo
Apttus is a global provider of the leading Middle Office platform that allows enterprises to automate and optimize their most critical revenue and commercial relationship management processes. Analysts rank Apttus as the global gold standard for Quote-to-Cash (QTC), Configure, Price, Quote (CPQ), and Contract Lifecycle Management (CLM) solutions. Apttus partners with a world-class ecosystem. Apttus customers include hundreds of the world’s largest organizations and the who’s who of the Global 1000.
Conga continually sets the standard for Digital Document Transformation (DDX). The Conga DDX Suite transforms day-to-day business by creating, managing and unleashing the power of everyday documents for organizations in 85 countries including AWS, GE, Hilton Worldwide and Salesforce. The company is privately-held and based in Broomfield, Colo. with global operations across North America, Europe and Australia. Learn more at www.conga.com or follow Conga on Twitter: @getconga.