Thoma Bravo has agreed to acquire restaurant software provider Olo in a $2bn all-cash deal that values Olo at $10.25 per share — a 65% premium to its stock price prior to reports of a potential sale, according to a report by Bloomberg.
Founded in 2005 and based in New York, Olo supports over 750 restaurant brands, including PF Chang’s and Denny’s, and is backed by investors such as Danny Meyer and The Raine Group. The company’s board unanimously approved the deal, citing the significant premium and long-term benefits to shareholders.
The transaction, which is expected to close by year-end, adds to the rebound in private equity-driven M&A activity, with £580bn worth of deals YTD, an increase of nearly 12% on teh same period last year.
