Thoma Bravo Completes Acquisition of Coupa Software

SAN MATEO, Calif.Feb. 28, 2023 /PRNewswire/ — Coupa Software, a leader in Business Spend Management (BSM), today announced the completion of its acquisition by Thoma Bravo, a leading software investment firm, in an all-cash transaction valued at approximately $8.0 billion. The transaction includes a significant minority investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The agreement to be acquired was previously announced on December 12, 2022, and approved by Coupa stockholders at Coupa’s Special Meeting of Stockholders held on February 23, 2023.

With the completion of the transaction, Coupa stockholders are entitled to receive $81.00 per share in cash for each share of Coupa common stock they owned. Coupa’s common stock has ceased trading and will be delisted from Nasdaq.

“This is an important milestone for Coupa, underscoring our market-leading position and the value we’re co-creating with our customer community,” said Rob Bernshteyn, Chairman and CEO at Coupa. “Thoma Bravo shares our vision and brings strategic and operational expertise. This move is an opportunity for us to strengthen our business fundamentals and continue delivering leading-edge innovation on our platform.”

“Coupa created the Business Spend Management category and is well-positioned to capitalize on this large and expanding global market,” said Holden Spaht, a Managing Partner at Thoma Bravo. “Our partnership with Coupa will leverage Thoma Bravo’s deep software expertise to help accelerate growth, drive continued investment in product innovation, and better serve the company’s world-class customer community. We look forward to building on Coupa’s strong track record of success.”

“We’ve followed Coupa with high admiration for many years and are excited to close this transaction and partner with such an incredible software franchise,” said Brian Jaffee, a Partner at Thoma Bravo. “Coupa’s BSM platform and community are highly unique and poised for continued growth both organically and through M&A, and we are thrilled to support Coupa on its mission to digitally transform the Office of the CFO.”


Qatalyst Partners LP served as financial advisor to Coupa and Freshfields Bruckhaus Deringer LLP served as the company’s legal advisor.

Goldman Sachs & Co. LLC and Piper Sandler acted as financial advisors to Thoma Bravo and Kirkland & Ellis LLP acted as legal advisor to the firm.

About Coupa Software

Coupa is the cloud-based Business Spend Management (BSM) platform that unifies processes across supply chain, procurement, and finance functions. Coupa empowers organizations around the world to maximize value and operationalize purpose through their business spend. Learn more at and follow us on LinkedIn and Twitter.

About Thoma Bravo

Thoma Bravo is one of the largest software investors in the world, with more than $120 billion in assets under management as of September 30, 2022. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 420 companies representing over $235 billion in enterprise value.1 The firm has offices in ChicagoLondonMiami and San Francisco. For more information, visit Thoma Bravo’s website at and Twitter @ThomaBravo.

Includes control and non-control investments.