PE Tech Report


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Thoma Bravo’s Qualtrics bid scuppered by antitrust concerns

Private equity giant Thoma Bravo’s plan to buy software company Qualtrics and merge it with rival company Medallia was thwarted by antitrust concerns, according to a report by the Financial Times.

Qualtrics was ultimately sold to private equity firm Silver Lake and the Canada Pension Plan Investment Board in a deal announced last month for $12.5 billion, or $18.15 per share.

Thoma Bravo had tabled a potentially higher-price transaction, but the deal was scuppered due to concerns about a possible lengthy review from US antitrust regulators. 

Media reports suggest the private equity firm has also seen delays in its planned purchase of ForgeRock, a multinational identity and access management software company based in San Francisco. The $23.25 per share deal has received a second request from the US Department of Justice, amid concerns over potential concentration in the identity management sector.

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