Deltek Inc., a developer of software for enterprises, professional services firms and government contractors, will be sold to private equity firm Thoma Bravo for $1.1 billion, effectively making it a private company.
Deltek has been publicly traded since 2007, but nearly 60 percent of its shares were owned by the private equity concern New Mountain Capital. The firm agreed to the sale, which is set to conclude in the fourth quarter of this year.
The company had planned the sale for several months, looking for prospective investors, which consisted of private equity firms and other like-minded software companies, according to Deltek vice president of marketing and communications Patrick Smith. While he declined to reveal the interested parties, he stressed that the move is not expected to affect the current executive team at Deltek.
“The transaction is great news for customers, partners and shareholders,” said Smith. “Thoma invests in growth companies, and they are a great partner for our future. We have lots of things we are doing. We are expanding into many countries, investing in a SaaS-based solution for professional services firms, [offering] more subscription pricing and broadening our portfolio.
Smith also noted that accounting firms are still “a core market” for Deltek, particularly with its Maconomy software, and said users should expect more investment in that offering.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access