This is an all-cash transaction with an enterprise value of $8bn. Upon completion of the transaction, which is expected to close in the first half of 2023, Coupa will become a privately held company.
Under the terms of the agreement, Coupa shareholders will receive $81.00 per share in cash, representing a 77 percent premium to Coupa’s closing stock price on 22 November 2022. The transaction consideration also represents a premium of approximately 64 percent to the volume weighted average closing price of Coupa stock for the 30 trading days ending on 22 November 2022.
Holden Spaht, a manging partner at Thoma Bravo, said: “Coupa has created and led the large and growing business spend management category. We’ve followed the company’s success for many years and have been impressed by its consistent track record of delivering high levels of value for its global customer base.
“We look forward to partnering with Rob and the rest of the management team to keep investing in the company’s product strategy while driving growth both organically and through M&A.”
Rob Bernshteyn, chairman and CEO at Coupa, said: “For more than a decade, we’ve been building an incredible BSM Community and have proudly cemented our position as the market-leading platform in our category. We’re looking forward to partnering with Thoma Bravo and accelerating our vision to digitally transform the office of the CFO.
“While our ownership may change, our values do not. Every one of us at Coupa will continue to put our customers at the center of everything we do and help them maximize the value of every dollar they spend.”