PE Deals

Thoma Bravo to sell software provider Frontline Education to Roper Technologies

The deal puts Frontline at a valuation of about $3.725 billion.

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  • The transaction is expected to close in the fourth quarter
  • J.P. Morgan Securities LLC, Jefferies LLC and Macquarie Capital are serving as financial advisors to Thoma Bravo and Frontline Education
  • Thoma Bravo acquired Frontline in 2017

Thoma Bravo has agreed to sell Frontline Education, a provider of administration software for K-12 educators, to Roper Technologies Inc.

The deal puts Frontline at a valuation of about $3.725 billion.

The transaction is expected to close in the fourth quarter.

Thoma Bravo acquired Frontline in 2017.

“There is a great sense of pride and accomplishment as we reflect on our partnership with Frontline,” said Holden Spaht, a managing partner at Thoma Bravo, in a statement. “Over the past five years, we have worked closely with the management team to significantly grow the ARR of the company and build an integrated, market leading software and analytics platform developed specifically for the unique challenges faced by K-12 administrators and educators. We are not only very proud of Frontline’s financial success, but also its positive impact on the K-12 education system and we look forward to watching the company continue to grow and further its important mission under Roper’s ownership.”

J.P. Morgan Securities LLC, Jefferies LLC and Macquarie Capital are serving as financial advisors and Kirkland & Ellis LLP is serving as legal advisor to Thoma Bravo and Frontline Education. Cooley LLP is also serving as legal advisor to Frontline Education.

Thoma Bravo has more than $114 billion in assets under management as of March 31, 2022. The firm invests in growth-oriented, companies operating in the software and technology sectors. Over the past 20 years, the firm has acquired or invested in more than 380 companies representing over $190 billion in enterprise value. The firm has offices in Chicago, Miami and San Francisco.

Roper Technologies operates businesses that design and develop vertical software and technology enabled products for a variety of niche markets.