Thoma Bravo is exploring the sale of its majority stake in construction software provider Command Alkon, as investor appetite continues to build around sector-specific software businesses viewed as less exposed to artificial intelligence disruption, according to a report by Reuters.
The report cites unnamed sources familiar with the matter as highlighting that the private equity firm has engaged Evercore to manage a process for its approximately 55% holding in the company. Interest has reportedly emerged from several buyout firms in recent weeks.
The potential transaction could value Command Alkon at between $1.5bn and $1.75bn.
Thoma Bravo acquired the business in 2020 before selling a 45% interest to Germany-based Heidelberg Materials the following year. Heidelberg, which is also Command Alkon’s largest customer, is expected to retain its stake under any new ownership structure.
That arrangement may narrow the pool of potential buyers, as many private equity firms typically seek full control in leveraged buyout transactions.
Command Alkon develops software used across the construction materials industry and is projected to generate more than $230 million in revenue and approximately $92 million in EBITDA this year, according to sources familiar with the company’s financial performance. Revenues are also expected to continue growing into 2027.
The process comes shortly after another Thoma Bravo-backed transaction in construction technology. In April, construction management software provider HCSS agreed to combine with the Build & Construct division of Germany’s Nemetschek Group, with Thoma Bravo retaining a minority position in the merged business.
The deal activity reflects continued investor interest in vertical software platforms, which many market participants see as more defensible than broader software categories facing valuation pressure linked to rapid AI adoption.
