Enterprise software and information solutions provider Deltek, Inc. announced today that Thoma Bravo LLC, a private equity firm, will buy the company in an all-cash transaction for $1.1 billion. Deltek’s board of directors unanimously approved the acquisition, along with its largest shareholder, New Mountain Capital.
“Over the past seven years, we have successfully executed our long term plans for Deltek to enter new markets, grow internationally, and expand our industry-leading solutions for project-based companies,” said Kevin Parker, president, CEO and chairman of the board. “Throughout our journey, New Mountain Capital gave us outstanding support and was instrumental in building the Deltek of today.”
Thoma Bravo invests in industries including software, and financial and business services. It manages almost $4 billion in private equity funds, and earns about $1 billion a year from software acquisitions.
“We’re very excited about the opportunity to continue Deltek’s successful journey in partnership with Thoma Bravo,” added Parker. “We’re extremely proud of this transaction and what it says about the strength of Deltek and the tremendous accomplishments of our people. This deal with Thoma Bravo delivers significant value to all of our existing shareholders and gives us a partner that is committed to Deltek’s mission of being the industry standard solutions provider to project-based businesses worldwide.”
Read about Kevin Parker’s recent win at the 2012 E&Y Entrepreneur of the Year Awards here.