Thoma Bravo to Buy Anaplan for $10.7 Billion

Private-equity firm Thoma Bravo LP has struck a deal to buy Anaplan Inc. for $10.7 billion, according to people familiar with the matter, the latest in a recent string of big leveraged buyouts.

Anaplan shareholders are to receive $66 a share in cash, the people said. Anaplan Chief Executive Frank Calderoni plans to continue to lead the company, they said.

Based in San Francisco, Anaplan makes software that helps businesses plan by modeling for different forecasting outcomes. The company has more than 1,900 customers world-wide, including Coca-Cola Co., Shell PLC and VMware Inc.,

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which use its cloud-based offering to manage their sales operations, supply chains, inventories and financial planning.

Shares of Anaplan, which was founded in 2006 and went public in 2018, closed at $50.59 on Friday.

Buyout firms, flush with giant piles of cash, have been on a deal-making tear. Software, with its steady cash flows, has been a particularly hot area.

Anaplan would be the latest big software company in a take-private deal. In January, Vista Equity Partners and the private-equity arm of Elliott Management Corp. agreed to buy Citrix Systems Inc.

for about $13 billion. And in November, Advent International Corp. and Permira announced a $12 billion deal for McAfee Corp. Other big LBOs that have been in the works include one for TV-ratings company Nielsen Holdings PLC that could be worth about $15 billion including debt, The Wall Street Journal has reported.

Last week, activist investor Sachem Head Capital Management LP disclosed a nearly 5% stake in Anaplan. Sachem Head is part of a group of activists that together hold an even larger stake, according to a filing.

With offices in San Francisco, Chicago and Miami, Thoma Bravo specializes in buying business-software companies and helping spur their growth. The firm, which manages more than $103 billion, has been doing bigger deals of late. Last year, it bought Proofpoint Inc. in a transaction worth more than $10 billion.

Write to Miriam Gottfried at Miriam.Gottfried@wsj.com

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Appeared in the March 21, 2022, print edition as ‘Software Maker Set to Go Private.’

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