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Business

Thoma Bravo to Buy Anaplan for $ 10.7 Billion




Private-equity firm Thoma Bravo LP has struck a deal to buy Anaplan Inc. for $ 10.7 billion, the latest in a recent string of big leveraged buyouts.

Under the terms of the deal, which was reported earlier by The Wall Street Journal, Anaplan shareholders are to receive $ 66 a share in cash, the company said. Anaplan Chief Executive Frank Calderoni plans to continue to lead the company.

Based in San Francisco, Anaplan makes software that helps businesses plan by modeling for different forecasting outcomes. The company has more than 1,900 customers world-wide, including Coca-Cola Co., Shell PLC and VMware Inc.,

VMW 1.34%

which use its cloud-based offering to manage their sales operations, supply chains, inventories and financial planning.

The uncertainty created by the pandemic further fueled already-strong demand for planning software, Mr. Calderoni told the Journal.

Shares of Anaplan, which was founded in 2006 and went public in 201[ads1]8, closed at $ 50.59 on Friday.

Buyout firms, flush with giant piles of cash, have been on a deal-making tear. Software, with its steady cash flows, has been a particularly hot area.

Anaplan would be the latest big software company in a take-private deal. In January, Vista Equity Partners and the private-equity arm of Elliott Management Corp. agreed to buy Citrix Systems Inc.

for about $ 13 billion. And in November, Advent International Corp. and Permira announced a $ 12 billion deal for McAfee Corp. Other big LBOs that have been in the works include one for TV-ratings company Nielsen Holdings PLC that could be worth about $ 15 billion including debt, the Journal has reported.

Last week, activist investor Sachem Head Capital Management LP disclosed a nearly 5% stake in Anaplan. Sachem Head is part of a group of activists that together hold an even larger stake, according to a filing.

With offices in San Francisco, Chicago and Miami, Thoma Bravo specializes in buying business-software companies and helping spur their growth. The firm, which manages more than $ 103 billion, has been doing bigger deals of late. Last year, it bought Proofpoint Inc. in a transaction worth more than $ 10 billion.

Thoma Bravo plans to use Anaplan as a platform for further acquisitions.

“There’s going to be one huge winner in planning, and we think it can be us,” said Thoma Bravo managing partner Holden Spaht. “I can not think of a similar opportunity to really create a massive category.”

Write to Miriam Gottfried at Miriam.Gottfried@wsj.com

Copyright © 2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the March 21, 2022, print edition as ‘Software Maker Set to Go Private.’



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