Latest news with #ThomaBravo-backed
Yahoo
20-05-2025
- Business
- Yahoo
Thoma Bravo's Nearmap to buy insurance tech firm itel for over $1.3 billion
By Ateev Bhandari and Pritam Biswas (Reuters) -Thoma Bravo-backed Nearmap has agreed to buy insurance technology provider itel from private equity firm GTCR, the companies said on Tuesday, as it looks to expand its offerings across property portfolios. The deal values itel at over $1.3 billion, including debt, a source familiar with the matter told Reuters. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry's recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Jacksonville, Florida-based itel provides its services to all of the top 100 insurance carriers in North America. GTCR, which manages over $45 billion in capital, bought itel in August 2021 from PNC Riverarch Capital. The firm, in a release on Tuesday, said that the insurance tech firm had doubled its revenue over the past three years. "GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews in a statement. The sale to Thoma Bravo comes just over a month after GTCR achieved a rare, significant return by selling its 55% stake in payments processor Worldpay to Global Payments in a $24.25 billion three-way deal. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, Thoma Bravo has also been active, liquidating its holding in exchange operator Nasdaq in two separate block trades earlier in the month. Thoma Bravo had acquired Australia-based insurance technology firm Nearmap in December, 2022. Raymond James and Bank of America acted as the financial advisers to itel, while Latham & Watkins served as its legal counsel. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
24-03-2025
- Business
- Yahoo
TPG to Consider Public Offering for Software Firm Delinea
(Bloomberg) -- Delinea Inc., a cybersecurity company controlled by TPG Inc., is exploring an initial public offering, according to people with knowledge of the matter. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Libraries Warn They Could Be 'Cut off at the Knees' by DOGE The San Francisco-based company hired Goldman Sachs Group Inc. and Morgan Stanley ahead of a potential listing, said one of the people, all of whom asked not to be identified discussing confidential information. Deliberations are ongoing and details of any offering could change, the people said. Representatives for TPG and Goldman declined to comment. A spokesperson for Delinea said the firm is 'unable to speculate on future plans at this time.' Morgan Stanley didn't immediately respond to a request for comment. An IPO could build on momentum for first-time share sales in the US. New listings have raised $10.5 billion so far in 2025, though tech companies have mostly been absent from debuts over the past few years, data compiled by Bloomberg show. That's expected to change in the coming months, with cloud-computing firm CoreWeave Inc. marketing its IPO to investors and digital-payments firm Klarna Group Plc and ticket-selling platform StubHub Holdings Inc. filing for listings. The handful of tech IPOs in the past few years has mostly rewarded investors as they flocked to firms seen as benefiting from the artificial-intelligence boom. Just 17 tech firms have raised more than $100 million in US IPOs since the end of 2021, data compiled by Bloomberg show. Not all of those firms have done well, with shares of Thoma Bravo-backed SailPoint Inc. slumping 11% since it raised $1.38 billion in February. TPG formed Delinea in 2021 through the merger of Thycotic and Centrify, creating a provider of privileged-access management solutions for seamless security, according to a company statement. Delinea, led by Chief Executive Officer Art Gilliland, helps organizations secure critical data, devices, code and cloud infrastructure to help reduce risk, ensure compliance and simplify security. Delinea's annual recurring revenue is approaching $400 million, with such revenue now comprising 95% of total revenue under generally accepted accounting principles, the company said last week. (Updates with Goldman declining to comment in third paragraph.) A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? Tesla's Gamble on MAGA Customers Won't Work One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream ©2025 Bloomberg L.P. Sign in to access your portfolio
Reuters
10-03-2025
- Business
- Reuters
Wall St brokerages start SailPoint coverage with broadly bullish view, but see competition risk
March 10 (Reuters) - Wall Street brokerages on Monday started coverage on SailPoint Technologies (SAIL.O), opens new tab with broadly bullish views, but some analysts warned that the identity security provider could face increased competition. SailPoint, which was previously listed in 2022 before being taken private by growth capital firm Thoma Bravo, made a tepid return to the stock market in February. Morgan Stanley and Goldman Sachs led the underwriting for the initial public offering. With the mandated "quiet period" over, Morgan Stanley, Goldman Sachs and J.P. Morgan started coverage of the stock with a "neutral"-equivalent rating, citing competition from CyberArk (CYBG.F), opens new tab, Okta (OKTA.O), opens new tab and Microsoft (MSFT.O), opens new tab. Despite competition risks, Morgan Stanley and Goldman called the firm a 'category leader' in the identity governance and administration (IGA) space. Brokerages like Jefferies, RBC and Piper Sandler had bullish views on the stock, projecting it to gain more market share. "SailPoint is a share gainer in the growing identity security market ... however, we see limited upside near term as the multi-product story is still coming into fruition," Morgan Stanley analysts said in a note on Monday. Shares of Thoma Bravo-backed SailPoint were last down nearly 5% at $20.97, below the company's market debut price of $23. The tightening of data privacy regulations, an increase in global cyberattacks and the emergence of AI-driven cybersecurity threats have boosted demand for services offered by businesses like SailPoint. The company, with clients like General Motors (GM.N), opens new tab and Hershey (HSY.N), opens new tab, helps them design and manage their security processes. The U.S. IPO market's recovery has been rocky this year as investors are awaiting more policy clarity from U.S. President Donald Trump's new administration. Following are the ratings and price targets for SailPoint from some of the major brokerages;
Yahoo
14-02-2025
- Business
- Yahoo
Thoma Bravo-backed SailPoint set for US market comeback after over two years
(Reuters) -Thoma Bravo-backed cybersecurity firm SailPoint will start trading on the Nasdaq on Thursday, returning to the U.S. stock market more than two years after it went private. The Austin, Texas-based company, along with Thoma Bravo, raised $1.38 billion in an upsized IPO, selling 60 million shares at $23 each. They had aimed to sell 50 million shares priced between $21 and $23. Stricter data privacy regulations, a surge in global cyberattacks and the rise of AI-driven cybersecurity threats have boosted the value of businesses like SailPoint. SailPoint first went public in 2017, three years after being acquired by private equity firm Thoma Bravo, which bought it again in 2022 via a $6.9 billion deal. A successful debut could encourage others in the pipeline, such as chipmaker Cerebras, buy now, pay later giant Klarna and AI software firm Genesys to move forward with their listing plans in the coming months. The recovery in the U.S. IPO market has been uneven so far. Venture Global's much-anticipated IPO fell short of expectations, while pork processor Smithfield Foods has regained its poise after a lukewarm debut. "Having the divergence of performance indicates investors are discerning, but that solid companies can get done and do well, which is good," said Nicholas Smith, senior research analyst at Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs. Investors are awaiting more policy clarity as President Donald Trump's administration takes shape, with Goldman Sachs CEO David Solomon warning that markets could see some volatility as long as uncertainty persists. The company allows its clients, which include General Motors and Hershey, to design and manage their own security processes. Morgan Stanley and Goldman Sachs were the lead underwriters for the offering. Sign in to access your portfolio
Yahoo
13-02-2025
- Business
- Yahoo
Thoma Bravo-backed SailPoint valued at $12.8 billion in stock market return
(Reuters) - Thoma Bravo-backed identity security company SailPoint was valued at $12.8 billion, after its shares opened in line with the offer price in their Nasdaq debut on Thursday. The Austin, Texas-based company's stock opened at $23 per share. SailPoint, along with Thoma Bravo, raised $1.38 billion in an upsized initial public offering, selling 60 million shares at $23 each. They had earlier aimed for a sale of 50 million shares priced between $21 and $23. Sign in to access your portfolio
