Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Private equity firm Thoma Bravo to acquire software firm Calabrio from KKR

Published 2021-03-23, 06:04 a/m
© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York
NFLX
-

By Chibuike Oguh

(Reuters) - Private equity firm Thoma Bravo LP said on Tuesday it has agreed to acquire workplace software firm Calabrio Inc from KKR & Co Inc.

Terms of the deal were not disclosed but people familiar with the matter said the deal values Calabrio at more than $1 billion, including debt. KKR paid $200 million to acquire Calabrio in 2016.

Minneapolis, Minnesota-based Calabrio provides a cloud-based software that allows companies like Netflix Inc (NASDAQ:NFLX) and Shopify Inc track and analyze customer service data generated from their contact centers.

Calabrio grew its recurring revenue to nearly 80% of total revenue, up from just 30% about four years ago when it was acquired by KKR, Thomas Goodmanson, its chief executive officer said in an interview.

The increase has in part been driven by the shift to remote work due to the COVID-19 pandemic.

"The pandemic has really shifted a focus to the cloud, in our industry where we help companies take care of their customers, they had to send their contact center agents home and our software was in a perfect place to help them," Goodmanson said.

© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

Thoma Bravo is one the largest software-focused private equity firms with $77 billion in assets under management. Its portfolio companies include information technology services provider SolarWinds Corp and cybersecurity firm McAfee Corp.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.