Call-center software company Calabrio Inc. has agreed to be acquired by private equity giant Thoma Bravo, the parties announced Tuesday.
Terms of the deal weren't disclosed, but a spokesperson described the deal as being worth over $1 billion. San Francisco-based Thoma Bravo bought Minneapolis-based Calabrio from investment firm KKR, which paid about $200 million for it in 2016.
"As we enter our next stage of growth, we are thrilled to be partnering with Thoma Bravo to execute on the significant opportunities ahead of us," Calabrio CEO Tom Goodmanson said in a statement. Goodmanson will remain as CEO of the firm.
Calabrio has grown rapidly since the sale to KKR, more than doubling its revenue from $51.7 million in 2017 to $108 million in 2019. It has 748 employees and has a presence in Stockholm; Vancouver, British Columbia; London; Singapore and Denver. Its headquarters are in Minneapolis' North Loop neighborhood.
Perella Weinberg Partners acted as Calabrio's financial advisor for the deal while Kirkland & Ellis was Thoma Bravo's legal counsel.
Calabrio has seen a Covid-19 bump as it helps call centers transition to remote work. Calabrio's customers saw a 38% increase in call volumes in the opening months of the pandemic, Goodmanson said. Calabrio expects to hire about 200 people this year and 200 the following year, he recently told the Business Journal.
Part of Calabrio's growth has come through acquisition, including the purchase of Swedish workforce-management software company Teleopti. While terms of that deal were not disclosed, Goodmanson said Teleopti has about $50 million in annual revenue. Thoma Bravo could help support future acquisitions by Calabrio, the company said in a statement.
