Thoma Bravo, an American software investment firm, has agreed to acquire Coupa Software, a cloud-based business spend management platform listed on Nasdaq, for an enterprise value of $8bn.

Coupa Software platform integrates processes across supply chain, procurement, and finance functions as well as enables enterprises to maximize value and operationalize purpose through their business spend.

The investment firm will pay $81 per share in cash, which is a premium of 77% to Coupa Software’s closing stock price on 22 November, the last trading day prior to media reports regarding a possible sale deal.

The all-cash deal also consists of a minority investment from a 100% subsidiary of the Abu Dhabi Investment Authority.

Rob Bernshteyn — Coupa Software chairman and CEO said: “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.

“We’re looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the Office of the CFO.”

Post-closing, Coupa Software will be a privately held company and continue to operate under its existing name and brand.

Holden Spaht — Thoma Bravo Managing Partner said: “We couldn’t be more excited to partner with the talented Coupa team to keep building on the incredible franchise they’ve created in the Business Spend Management space.

“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.”

Qatalyst Partners acted as financial advisor to Coupa Software while Goldman Sachs & Co. and Piper Sandler served as financial advisors to Thoma Bravo.

Kirkland & Ellis and Freshfields Bruckhaus Deringer acted as legal advisors to Thoma Bravo and Coupa Software, respectively.

Subject to Coupa Software’s shareholders’ approval, regulatory approvals, and certain customary closing conditions, the transaction is expected to complete in the first half of 2023.

  Abu Dhabi Investment Authority, Coupa Software, Holden Spaht, Rob Bernshteyn, Thoma Bravo, USA