Thoma Bravo has closed its previously announced acquisition of Foundation Software, a provider of construction accounting software and payroll services for small- to mid-sized specialty contractors. No financial terms were disclosed.
SAN FRANCISCO and STRONGSVILLE, Ohio, Aug. 31, 2020 /PRNewswire/ — Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors, today announced the completion of its acquisition of Foundation Software, a leading provider of construction accounting software and payroll services for small- to mid-sized specialty contractors.
Foundation Software’s suite of pioneering solutions for the construction industry and dedication to excellent service have allowed the company to consistently grow market share and maintain a resilient customer base. Foundation Software is expected to leverage Thoma Bravo’s capital and expertise in enterprise software solutions to continue growth and pursue further innovation across the company’s platform.
“Fred and I couldn’t be more excited to chart this next phase in our company’s journey with such a trusted partner as Thoma Bravo,” said Mike Ode, CEO of Foundation Software. “Through this strategic investment, we can drive growth while remaining squarely focused on our commitment to excellence for our customers and our mission to provide unparalleled solutions to the construction accounting software industry.”
“We have long admired Foundation Software’s rich history of innovation and trusted service,” said Carl Press, a Principal at Thoma Bravo. “We look forward to partnering with Fred, Mike and the Foundation team to build on their tremendous progress, tapping into our operational expertise in software to accelerate the company’s growth.”
Financing for the transaction was provided by funds managed by affiliates of The Private Credit Group of Goldman Sachs Asset Management, L.P., BlackRock US Private Credit and Interbank. Kirkland & Ellis served as legal advisor to Thoma Bravo. Benesch, Friedlander, Coplan & Aronoff served as legal advisor to Foundation Software.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $45 billion in capital commitments, Thoma Bravo partners with a company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago. For more information, visit thomabravo.com.
About Foundation Software
Foundation Software is a national software developer that, for the past 35 years, has provided contractors with America’s #1 construction accounting software®; FOUNDATION®. In addition to their core job cost accounting product, the company also offers both project management and mobile tools that help contractors to effectively run the business side of construction. Payroll4Construction.com compliments the organization’s software offerings by delivering a payroll processing and construction reporting service also exclusive to the construction industry. The company has been recognized locally and nationally for its innovative products, corporate growth, and as a top workplace. For more information, call (800) 246-0800 or email firstname.lastname@example.org.