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Thoma Bravo to Acquire Restaurant Tech Firm Olo in $2 Billion All-Cash Deal

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Buyout firm Thoma Bravo has agreed to acquire Olo, a provider of digital ordering and payment solutions for restaurants, in an all-cash transaction valued at approximately $2 billion. The deal offers Olo shareholders $10.25 per share, representing a 65% premium over the stock’s closing price on April 30, before sale rumors emerged. Olo’s shares rose more than 13% in early trading following the announcement.

Founded in 2005 and based in New York, Olo serves over 750 restaurant brands across 88,000 locations worldwide, including chains like Denny’s, P.F. Chang’s, Nando’s, and Cold Stone Creamery. The company became privately held after the acquisition, which is expected to enhance its growth by strengthening its platform and offerings.

Olo has undergone workforce reductions in recent years, cutting about 9% of its employees last year following an 11% reduction in 2023. Despite earlier losses, the company improved profitability with a net income of $1.81 million in the first quarter of 2025. As of December 2024, Olo employed 617 staff in the U.S.

Thoma Bravo, a major software-focused investment firm managing roughly $184 billion in assets, expects to finalize the acquisition by the end of 2025. Olo faces a termination fee of $73.7 million in cash if the deal falls through under specific conditions. Goldman Sachs is serving as Olo’s exclusive financial adviser.

Cybersecurity Firm SailPoint Sets Sights on $12.6 Billion Valuation in US IPO

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Cybersecurity firm SailPoint has raised its target valuation to as much as $12.57 billion in its U.S. initial public offering (IPO), reflecting strong investor interest as it becomes the first major tech stock IPO of the year. This move signals a potential comeback for U.S. IPOs, which have been sluggish for nearly three years, as established companies with proven revenue are poised to lead the charge.

SailPoint, along with its parent company Thoma Bravo, is offering 50 million shares priced between $21 and $23 each, with the goal of raising up to $1.15 billion. This revised price range represents an increase from the previous proposed range of $19 to $21, aimed at raising up to $1.05 billion for a target valuation of around $11.5 billion.

Josef Schuster, CEO of IPO-focused investment indexes IPOX, commented that raising the price range indicates strong demand for high-quality deals. He views this as a promising sign for future IPOs in growth sectors like technology.

Founded in 2005, SailPoint specializes in identity and access management software, helping businesses mitigate the risk of data leaks. The surge in cyberattacks, partially fueled by artificial intelligence, has increased demand for such security solutions.

SailPoint’s IPO is expected to be a key moment in the tech IPO pipeline, which includes several high-profile startups like Chime, Genesys, and Cerebras Systems. These companies are expected to play a pivotal role in the anticipated market rebound, which follows a difficult period for high-growth technology companies.

For Thoma Bravo, SailPoint’s IPO represents a significant success. After acquiring SailPoint in 2014 and taking it public in 2017, Thoma Bravo took the company private again in 2022 in a $6.9 billion deal. Following the IPO, the firm will retain an 88% stake in SailPoint.

The IPO will be led by Morgan Stanley and Goldman Sachs, with SailPoint set to list on the Nasdaq under the ticker symbol “SAIL.”

SailPoint Targets $11.5 Billion Valuation in U.S. IPO

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SailPoint, a cybersecurity firm backed by private equity firm Thoma Bravo, is targeting a valuation of up to $11.5 billion in its upcoming initial public offering (IPO) in the United States. The firm, based in Austin, Texas, is offering 47.5 million shares at a price range of $19 to $21 per share, with an additional 2.5 million shares from its parent, Thoma Bravo, raising a total of up to $1.05 billion. The IPO, expected to be the first major U.S. tech listing of 2025, will gauge investor sentiment following mixed results from previous high-profile IPOs.

SailPoint specializes in identity and access management software, which helps businesses mitigate unwanted user access and protect sensitive data from cyberattacks. The growing demand for cybersecurity, fueled in part by the increasing use of artificial intelligence by malicious actors, has bolstered the firm’s offerings. Its competitors include major tech giants like IBM, Microsoft, Oracle, CyberArk, and Okta. The firm counts clients like truckmaker PACCAR, student loan servicer Nelnet, and British supermarket chain ASDA among its customers.

Thoma Bravo, which manages about $166 billion in assets, first acquired SailPoint in 2014 and took it public in 2017. After selling its stake in 2018, Thoma Bravo reacquired SailPoint in 2022 for $6.9 billion. Since going private, the company has completed its transition to a software-as-a-service (SaaS) model. The IPO will mark SailPoint’s return to the stock market.

Notable investors such as AllianceBernstein and Dragoneer Investment Group have expressed interest in buying up to 20% of the shares sold in the offering. Morgan Stanley and Goldman Sachs are the lead underwriters for the IPO, which will be listed under the symbol “SAIL” on the Nasdaq. Following the offering, Thoma Bravo will retain an 88.5% stake in SailPoint. The company plans to use the proceeds to repay debt and settle outstanding equity awards.