Thoma Bravo buys Coupa for $8b

The all-cash transaction is expected to close in the first half of 2023 and includes a significant minority investment from a subsidiary of sovereign wealth fund the Abu Dhabi Investment Authority

Private equity firm Thoma Bravo has agreed to buy Coupa Software for an enterprise value of $8bn. 

The cloud business software firm, which focuses on spend management, will become a privately held company upon completion of the deal. 

The all-cash transaction is expected to close in the first half of 2023. It includes a significant minority investment from a subsidiary of sovereign wealth fund the Abu Dhabi Investment Authority. 

Coupa is looking to accelerate its vision to “digitally transform the office of the chief financial officer”, explained Rob Bernshteyn, its chairman and chief executive officer. 

He added: “For more than a decade, we’ve been building an incredible business spend management community and have proudly cemented our position as the market-leading platform in our category.”  

Roger Siboni, Coupa’s lead independent director, commented: “The board evaluated the transaction against the company’s standalone prospects in the current macroeconomic climate and determined that the compelling and certain cash consideration in the transaction provides superior risk-adjusted value relative to the company’s standalone prospects.” 

Brian Jaffee, a partner at Thoma Bravo, added: “Our shared vision, combined with Thoma Bravo’s strategic and operational expertise, will enable Coupa to continue driving innovation, better serve its customers and accelerate important growth initiatives during this next chapter as a private company.” 

This is Thoma Bravo’s latest acquisition this year after similar deals with Ping Identity, ForgeRock and SailPoint.  

Image: Coupa  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.