Coupa Software

active

Software — Thoma Bravo

Deal Terms

Entry Year2023

Entry EV$8B

Entry Multiple12x

Leverage5.5x

Debt Amount$4.4B

Risk Metrics

LTV (est.)55%

Debt / EV0.55x

Notes

$8B take-private by Thoma Bravo (2023). 77% premium to pre-announcement price. Procurement/spend management SaaS. Abu Dhabi Investment Authority co-invested. Thoma Bravo's standard playbook: cut costs, raise prices, prep for re-IPO. Business spend management is sticky but AI procurement tools emerging as threat.

Sponsor

Thoma Bravo$166B AUM