PE firm Thoma Bravo acquires software developer Deltek for $1.1 bn
28 Aug 2012
US private equity firm Thoma Bravo LLC has agreed to buy leading enterprise software company Deltek Inc for approximately $1.1 billion in an all-cash deal.
Under the terms of the agreement, Deltek's shareholders will get $13 in cash for each share they own. The agreed price represents a 7-per cent discount to Deltek's stock price on 24 August and a 24-per cent premium to the price of 11 June, when confidential information about the acquisition was passed on to interested parties, Thoma Bravo said in a statement.
Deltek shares closed 7.7 per cent lower at $12.93 yesterday on Nasdaq.
Herndon, Virginia-based Deltek is a provider of enterprise software and information solutions for professional services firms, government contractors and agencies. It has around 1,600 employees.
The company's main products include Deltek Costpoint, Deltek Enterprise Project Management, Deltek First, among others, and it provides its services through Deltek Consulting, Fedsource consulting and GSA Consulting.
Deltek's main rivals in the field include software giants Oracle Corp, SAP AG and CA Technologies.
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