Thoma Bravo Buys ConnectWise for $1.5B|
February 28, 2019
noted its pending acquisition by Thoma Bravo, a private equity investment firm.
Thoma Bravo’s software expertise, extensive track record and deep capital will
enable ConnectWise to pursue a strategy focused on organic growth and strategic
acquisitions. The transaction is expected to close on Feb. 28. After the
transaction is completed, ConnectWise founder and CEO Arnie Bellini will
transition into an advisory role, and current president and COO, Jason Magee,
will become CEO of the company. Terms of the transaction were not disclosed.
“Five years ago, we began exploring all of the financial options to accelerate
the ConnectWise mission and our partners’ success. Thoma Bravo was the clear and
obvious choice over an Initial Public Offering (IPO) and seven other private
equity firms,” Arnie Bellini said. “Thoma Bravo is the premier investor in
Software-as-a-Service (SaaS) technology. ConnectWise and Thoma Bravo have
co-created a multi-year strategy that is aligned with our mission, vision,
culture and partners. With this new relationship we plan to accelerate our
partners’ success worldwide.”
Jason Magee, who has been with ConnectWise since 2011, was named COO in 2016.
During his tenure as COO, ConnectWise grew at a 21 percent cumulative annual
growth rate with more than 81 percent growth in EBITDA.
“Our success has been founded on deep interactions with our partners through our
IT Nation events and peer groups. We will continue to invest in our partner
community and provide the solutions they need to deliver technology as a service
to the world. I believe the Thoma Bravo partnership will accelerate our ability
to continually develop the platform our partners need to succeed through
acquisitions and innovation," said Jason Magee.
Bellini said Magee was the obvious choice as his successor. “Jason has more than
20 years of deep industry experience with MSPs and VARs. Because Jason’s been in
their shoes, he is committed to ConnectWise’s partners. He will continue driving
the passion, culture and innovation that our partners and colleagues expect from
The partnership with Thoma Bravo will advance ConnectWise’s long-term vision and
roadmap. Partners can expect innovative cybersecurity solutions, advanced
education, go to market tools for the as a service world and a connected
ecosystem to drive greater productivity and simplicity.
Bravo has long recognized ConnectWise’s position as a leader and pioneer in the
Managed Service Provider (MSP) and broader IT services space. For nearly 40
years, the company has been the market leader in providing the most
comprehensive integrated software solutions to its community of partners,” said
Robert Sayle, Partner at Thoma Bravo. “Under the strong leadership of Arnie and
the management team, ConnectWise has innovated and created top tier products and
services, and we are thrilled to partner with Jason to enable further success
and opportunity for ConnectWise partners.”
Holland & Knight served as the legal advisor to ConnectWise while Raymond James
& Associates, Inc. served as the exclusive investment banking advisor to the
Special Committee of the Board of Directors, consisting of Steve Raymund and
Stan Levy. Kirkland & Ellis LLP served as Thoma Bravo’s legal advisor. Owl Rock
Capital provided financing for the transaction.