Can restaurant SaaS go private to scale faster? Olo’s $2bn Thoma Bravo deal raises the bar

Restaurant SaaS provider Olo Inc. has become the latest vertical software company to be taken private, following its $2 billion all-cash acquisition deal with Thoma Bravo. The transaction, announced in July 2025, offers Olo shareholders a 65% premium and sets a new benchmark for valuation in the restaurant technology space. As Olo prepares to delist from the New York Stock Exchange and transition into private ownership, the deal underscores a broader shift among vertical SaaS firms seeking to grow outside the constraints of public markets.

How does taking restaurant tech companies private change their ability to invest in platform expansion and product innovation?

The move to privatize offers Olo the flexibility to invest more aggressively in product development, data infrastructure, and strategic partnerships—without the short-term pressures of quarterly earnings or public market volatility. For many mid-sized vertical SaaS platforms like Olo, the public market’s appetite for consistent profits often runs counter to the long-term capital requirements of scaling API-rich ecosystems, expanding into international markets, or experimenting with new pricing models.

Privatization allows leadership teams to reallocate focus toward higher-risk initiatives such as embedded payments, AI-driven guest engagement, and custom integrations with point-of-sale systems. In Olo’s case, its open platform structure—with more than 400 integration partners—positions it well for continued product modularity. Under Thoma Bravo’s ownership, the restaurant ordering and engagement platform is expected to double down on monetizing guest data, loyalty features, and transaction-layer capabilities, especially in a post-pandemic dining environment where digital channels are increasingly dominant.

Across the broader SaaS ecosystem, investors are observing a clear pattern: private equity firms are pursuing vertical platforms that serve essential operational functions in niche industries. Restaurant SaaS fits this mold perfectly—deeply embedded, high-volume, and difficult to replace. For firms like Thoma Bravo, this isn’t just a financial bet on recurring revenue; it’s a belief in the long-term defensibility of sector-specific software platforms.

Other public firms in adjacent sectors—like Toast in restaurant POS and Lightspeed in retail and hospitality—are now likely to face renewed scrutiny around their valuation multiples and private equity attractiveness. Institutional observers suggest that vertical SaaS providers with robust integration layers, high retention rates, and multi-module offerings will continue to draw attention from both strategic acquirers and financial sponsors in the coming quarters.

While Olo’s future roadmap under Thoma Bravo remains private for now, the transaction sends a clear message: the path to platform scale may no longer run through IPOs and public float. In a capital environment that increasingly rewards patient growth, being private may be the fastest way forward—especially in vertical SaaS domains like hospitality, healthcare, and construction where operational depth trumps headline revenue growth.