Coupa announced on 12 December 2022 that Thoma Bravo had agreed to buy it in an all-cash transaction with an enterprise value of US$8 billion. Shareholders would receive US$81 a share.
The agreement was signed on 11 December. Coupa’s board backed it unanimously, but shareholder and regulatory approvals remained. The company expected completion in the first half of 2023; that timetable was conditional.
A subsidiary of the Abu Dhabi Investment Authority would take a significant minority stake. Coupa would become privately held after closing. The transaction was not subject to a financing condition, and the announcement said Coupa would keep its name and brand.
Coupa sells cloud software for managing business spending. Its fiscal 2022 annual report describes a core platform spanning procurement, invoices, employee expenses and payments, with additional tools for sourcing, contracts and supply chains. The company says its analytics help customers see spending across these activities. That makes the deal an acquisition of enterprise financial workflows as well as a software business.
Original Sulat visuals. Coupa and Thoma Bravo marks belong to their owners. No endorsement.
Sources: Announcement · Filing · Annual report
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