Local software firm Flexera has agreed to sell a majority stake to Thoma Bravo, marking the second time the private equity firm has acquired the Itasca-based tech company.
Flexera declined to disclose the acquisition price, but sources told Chicago Inno that Thoma Bravo purchased the company for $2.85 billion. Last year Bloomberg reported that Flexera's owners were looking to sell the company for as much as $3 billion.
Flexera is an IT management software firm that works with 48% of the Fortune 500. It counts companies like Microsoft, IBM and Sony as customers, helping them maximize value from their technology investments.
Thoma Bravo first acquired Flexera in 2008 when it was spun off from then-parent company Macrovision. Thoma Bravo then sold a majority stake in Flexera to Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, in 2011.
Flexera operates two divisions within the company: Its Flexera division provides IT management solutions, and its Revenera division helps technology companies build better products. Each division has been an active acquirer of startups. The Flexera division has acquired RightScale, RISC Networks and BDNA, while Revenera has purchased startups like Revulytics and Palamida.
Flexera has 1,300 employees in offices that span four continents.
“This is a resounding vote of confidence in the growth Flexera has shown and the strategic initiatives we’ve undertaken to address the exponential challenges faced by organizations today,” Jim Ryan, president and CEO of Flexera, said in a statement.
Flexera's former owners TA Associates and Ontario Teachers’ Pension Plan Board will remain minority owners of the company.
