Thoma Bravo values AxiomSL at nearly $2bn

AxiomSL’s nearly $2bn value equates to nearly 40x EBITDA, or almost 15x revenue.

Thoma Bravo’s investment in AxiomSL values the technology company at close to $2 billion, sources familiar with the deal told PE Hub.

The firm on Monday announced it agreed to acquired a majority interest in AxiomSL from Technology Crossover Ventures.

AxiomSL, based in New York, provides risk analytics, data management and regulatory reporting solutions for financial institutions globally.

The company’s enterprise data management (EDM) platform provides services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions and tax analytics. Its coverage encompasses more than 110 regulators across 55 jurisdictions.

Upon closing, Thoma Bravo plans to grow AxiomSL’s customer base and drive further innovation for critical risk management and regulatory solutions, the firm said in its announcement.

PE Hub first reported in September that the company was commanding private equity interest in a sale process.

At that time, sources told PE Hub that AxiomSL expects to generate close to $50 million in 2020 EBITDA and $135 million in 2020 revenue.

Based upon those figures, AxiomSL’s nearly $2 billion value equates to nearly 40x EBITDA, or almost 15x revenue.

Both TCV and Thoma Bravo have been active on the buy- and sell-side in the past few months.

Last week, TCV announced it led a funding round for Robo Adviser platform Wealthsimple, assigning the company a valuation of around C$1.4 billion ($1 billion). 

Thoma Bravo, meanwhile, acquired InsurTech provider Majesco in a take-private deal that valued the company at $729 million. The deal represented an approximately 113 percent premium and an EBITDA multiple north of 37x.

In August, Thoma Bravo also completed its acquisition of Foundation Software, a provider of construction accounting software and payroll services for small- to mid-sized specialty constructors. 

In other activity, Thoma Bravo is in the process of selling Planview, a work and resource management software provider. PE Hub reported that the firm was accepting bids for Planview in September. 

Thoma Bravo, TCV, and AxiomSL did not return PE Hub’s requests for comment.

Action Item: See TCV’s recent form ADV here.