Thoma Bravo Inks Deal to Acquire Coupa for US$8 Billion

Thoma Bravo Inks Deal to Acquire Coupa for US$8 Billion

Software investment firm Thoma Bravo announced that it will be acquiring Coupa Software, a specialist in in business spend management, for US$8.0 billion in an all-cash transaction.

The transaction, which was approved unanimously by the Coupa Board of Directors, is expected to close in the first half of 2023, and is subject to customary closing conditions.

Upon completion of the transaction, Coupa will become a privately held company and will continue to operate under its original name and brand.

The transaction also includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Rob Bernshteyn

Rob Bernshteyn

“For more than a decade, we’ve been building an incredible business spend management 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.”

said Rob Bernshteyn, Chairman and Chief Executive Officer at Coupa.

Holden Spaht

Holden Spaht

“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.”

said Holden Spaht, a Managing Partner at Thoma Bravo.


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