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Acquisition to Take Coupa Private Next Year

Business spend management provider Coupa Software plans to go private next year via an $8 billion acquisition by software investment firm Thoma Bravo, the company announced this week.

Per the agreement entered into by Coupa, shareholders will receive $81 per share in cash, a 77 percent premium to the Nov. 22 closing price. A wholly owned subsidiary of the Abu Dhabi Investment Authority will be contributing “a significant minority investment” as part of the transaction. Coupa’s board of directors approved the acquisition unanimously, and the company expects it will close in the first half of 2023, pending shareholder and regulatory approvals.

Thoma Bravo, which reports more than $120 billion in assets under its management as of Sept. 30, plans to work with current Coupa management “to keep investing in the company’s product strategy while driving growth both organically and through M&A,” managing partner Holden Spaht said in a statement. Coupa’s recent acquisitions have included Yapta and Pana, each of which are powering its travel module, launched earlier this year.

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