Thoma Bravo Buying Coupa Software for $8 Billion

Software investment firm Thoma Bravo is buying Coupa Software, a provider in business spend management, for $8 billion.

For more than a decade, Coupa Software cemented its position as a market-leading platform in its category, said Rob Bernshteyn. He’s chairman and CEO at Coupa.

Coupa Software’s Rob Bernshteyn

“We’re looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the office of the CFO,” Bernshteyn said. “While our ownership may change, our values do not. Every one of us at Coupa will continue to put our customers at the center of everything we do and help them maximize the value of every dollar they spend.”

Product Strategy and M&A Growth

The Coupa board decided it was the optimal path forward and in the best interest of shareholders, the company said.

Holden Spaht is a managing partner at Thoma Bravo.

Thoma Bravo’s Holden Spaht

“We’ve followed the company’s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base,” Spaht said. “We look forward to partnering with Rob and the rest of the management team to keep investing in the company’s product strategy while driving growth both organically and through M&A.”

The deal includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Coupa shareholders will receive $81 per share in cash, which represents 77% premium to Coupa’s closing stock price on Nov. 22.

Coupa will continue to drive innovation, better serve its customers and accelerate growth initiatives during this next chapter as a private company, Thoma Bravo said.