Private equity giant Thoma Bravo is exploring a potential sale of Apryse, a high-growth document processing software company, in a deal that could value the business at over $3bn, according to a report by Bloomberg citing sources familiar with the matter.
The firm has engaged Lazard to advise on the process, which has already attracted interest from multiple private equity buyers. Discussions remain preliminary, and Thoma Bravo may retain a minority stake as part of any transaction, sources said. A final decision has not been made, and a sale is not guaranteed.
Apryse, formerly known as PDFTron, develops document processing technology that powers editing, conversion, and annotation tools for desktop and mobile applications. Its platform is widely used across sectors including life sciences, financial services, and legal tech, with a blue-chip client roster featuring Novartis, Wells Fargo, and DocuSign.
The Denver-based company is currently generating over $100m in EBITDA, with annual growth exceeding 20%, the sources added. The business could command a valuation of 30x EBITDA or higher, reflecting strong SaaS fundamentals and high switching costs for customers.
Thoma Bravo acquired Apryse in 2021 through its Discover platform, which focuses on mid-market software deals. Since then, the firm has backed an aggressive buy-and-build strategy, supporting nine bolt-on acquisitions across North America and Europe. These include this week’s acquisition of TallComponents in the Netherlands and the 2023 addition of AI software specialist Lead Technologies.
The potential exit underscores the continued appetite for enterprise software assets among private equity firms, even in a higher-rate environment. Document workflow and productivity platforms remain particularly attractive due to their mission-critical functionality, high retention rates, and predictable revenue models.
In addition to Thoma Bravo, minority shareholders in Apryse include Silversmith Capital Partners and members of the company’s management team.
Thoma Bravo, Lazard, and Apryse all declined to comment.
