M&A · Industrials · Services-Business Services, NEC
Thoma Bravo to acquire Olo Inc.
Announced Jul 3, 2025 · Closed Sep 12, 2025
Deal value$2.00BEV $1.71B
Premium65.0%To unaffected price
EV / Adj. EBITDA—5.7x EV / Revenue
ConsiderationAll cash$10.25 per share
Transaction
- Acquirer
- Thoma Bravo
- Target
- Olo Inc. (OLO)
- Buyer type
- Private equity
- Offer price per share
- $10.25
- Enterprise value
- $1.71B
- Status
- Closed Sep 12, 2025
Deal protections
- Break fee (target pays)
- $73.7M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Goldman Sachs
Advisors
- To the acquirer
- Not disclosed
- To the target
- Goldman Sachs
Sector context · Industrials
- Comparable deals
- 92 in the prior 24 months
- Premium
- 65.0% vs. 39.0% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- 3.7% vs. 2.7% sector median
Timeline
- AnnouncedJul 3, 2025
- Proxy filedJul 28, 2025
- Definitive proxyAug 8, 2025
- Shareholder voteSep 9, 2025
- ClosedSep 12, 2025
Valuation · fairness opinions
Discounted cash flow$8.02$11.80
Future share price$7.34$13.84
Future share price$6.09$8.46
Precedent transactions$6.63$10.71
Premiums paid$7.54$9.11
Offer $10.25
Implied value per Olo Inc. share by analysis, from Goldman Sachs · DCF discount rate 12%–15%.