M&A · Tech · Services-Prepackaged Software
Thoma Bravo to acquire Coupa Software Inc
Announced Dec 12, 2022 · Closed Feb 28, 2023
Deal value$8.00BEV $8.00B
Premium77.0%To unaffected price
EV / Adj. EBITDA—9.8x EV / Revenue
ConsiderationAll cash$81.00 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Coupa Software Inc (COUP)
- Buyer type
- Private equity
- Offer price per share
- $81.00
- Enterprise value
- $8.00B
- Status
- Closed Feb 28, 2023
Deal protections
- Break fee (target pays)
- $200M · 2.5%
- Reverse fee (buyer pays)
- $435M · 5.4%
- Go-shop
- —
- Financing
- No financing condition
Advisors
- To the acquirer
- Goldman Sachs, Piper Sandler
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 75 in the prior 24 months
- Premium
- 77.0% vs. 34.5% sector median
- EV / Adj. EBITDA
- Sector median 17.2x
- Break fee
- 2.5% vs. 3.0% sector median
Timeline
- AnnouncedDec 12, 2022
- Proxy filedJan 11, 2023
- Definitive proxyJan 23, 2023
- Shareholder voteFeb 23, 2023
- ClosedFeb 28, 2023
Valuation · fairness opinions
Discounted cash flow$40.30$79.42
Discounted cash flow$27.70$64.54
Discounted cash flow$29.48$67.81
Discounted cash flow$43.13$92.31
Precedent transactions$47.07$92.83
Offer $81.00
Implied value per Coupa Software Inc share by analysis, from Qatalyst.