Thoma Bravo completes take-private buyout of Coupa Software for $8bn

• According to terms of the agreement, Coupa stockholders will receive $81.00 per share in cash 
• Also, Coupa’s common stock has stopped trading on the NASDAQ and will be delisted
• Qatalyst Partners LP served as financial advisor to Coupa while Goldman Sachs and Piper Sandler acted as financial advisors to Thoma Bravo

Thoma Bravo has closed its previously announced take-private acquisition of San Mateo, California-based Coupa Software, a provider of business spend management solutions, for about $8 billion.

The transaction includes a significant minority investment from a subsidiary of the Abu Dhabi Investment Authority.

According to terms of the agreement, Coupa stockholders will receive $81.00 per share in cash for each share of Coupa common stock they owned. Also, Coupa’s common stock has stopped trading on the NASDAQ and will be delisted.

“We’ve followed Coupa with high admiration for many years and are excited to close this transaction and partner with such an incredible software franchise,” said Brian Jaffee, a partner at Thoma Bravo. “Coupa’s BSM platform and community are highly unique and poised for continued growth both organically and through M&A, and we are thrilled to support Coupa on its mission to digitally transform the Office of the CFO.”

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

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

Thoma Bravo has more than $120 billion in assets under management as of September 30, 2022. The private equity firm invests in software.