M&A · Tech · Services-Computer Programming Services
Thoma Bravo, L.P. to acquire PROS Holdings, Inc.
Announced Sep 22, 2025 · Closed Dec 9, 2025
Deal value$1.40BEV $1.25B
Premium41.7%To unaffected price
EV / Adj. EBITDA—3.7x EV / Revenue
ConsiderationAll cash$23.25 per share
Transaction
- Acquirer
- Thoma Bravo, L.P.
- Target
- PROS Holdings, Inc. (PRO)
- Buyer type
- Private equity
- Offer price per share
- $23.25
- Enterprise value
- $1.25B
- Status
- Closed Dec 9, 2025
Deal protections
- Break fee (target pays)
- $39.6M · 2.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Evercore
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 63 in the prior 24 months
- Premium
- 41.7% vs. 37.0% sector median
- EV / Adj. EBITDA
- Sector median 16.5x
- Break fee
- 2.8% vs. 3.0% sector median
Timeline
- AnnouncedSep 22, 2025
- Proxy filedOct 22, 2025
- Definitive proxyNov 3, 2025
- Shareholder voteDec 4, 2025
- ClosedDec 9, 2025
Valuation · fairness opinions
Discounted cash flow$18.04$33.64
Discounted cash flow$12.80$28.02
Discounted cash flow$12.70$27.83
Discounted cash flow$19.22$28.83
Discounted cash flow$12.97$19.46
Offer $23.25
Implied value per PROS Holdings, Inc. share by analysis, from Qatalyst.