Private equity firm Thoma Bravo has sold its portfolio company, digital identities and information specialist Entrust, to Datacard Group.
Financial terms have not been disclosed. The sale is expected to close by year-end.
“Thoma Bravo worked closely with Entrust management to grow the business into an industry leader through continued product innovation and execution of operational best practices,” says Thoma Bravo managing partner Scott Crabill. “We are proud of the work accomplished by everyone at Entrust to better serve the critical needs of customers while organically accelerating revenue growth and increasing profitability.”
With a capital injection and operational expertise from Thoma Bravo, Entrust’s management team transformed Entrust into a Software-as-a-Service (SaaS) company since going private in 2009. In that period, Entrust has organically increased revenues from USD91m to approximately USD120m in 2013, and has increased SaaS and subscription revenues to nearly 70 per cent of the company’s total revenue with customer renewal rates at more than 95 per cent.
“Thoma Bravo was management-friendly and brought a partnership model to the table that was critical to our success,” says Entrust chief executive Bill Conner. “We were able to leverage the firm’s metrics and experience to bring about a transformation of software authentication to mobile devices and the cloud. Today Entrust is in a stronger position than we’ve ever been.”
Entrust was acquired by Thoma Bravo in July 2009.