NetApp Inc. (Nasdaq: NTAP) has announced the sale of its cloud software assets, specifically the Spot by NetApp FinOps business, to Flexera, a company backed by Thoma Bravo. The financial details of the transaction remain undisclosed, but sources indicate the deal is valued at approximately $100 million.

This acquisition includes businesses from NetApp's previous purchases of startups Spot and CloudCheckr. Flexera's CEO, Jim Ryan, emphasized that this merger enhances their capability to address the growing challenges associated with hybrid cloud costs and usage across various platforms, including public cloud, data centers, SaaS, containers, and AI.

The sale aligns with a broader trend where companies across multiple sectors are divesting assets to concentrate on their core operations. According to Bloomberg data, global asset sales surged by 26 percent in 2024, reaching around $555 billion. This trend has attracted private equity firms, which are currently holding record amounts of capital, to pursue corporate carve-outs as investment opportunities.

Spot and CloudCheckr provide tools that assist software developers in monitoring the costs associated with different cloud services. NetApp acquired Spot in 2020 and CloudCheckr in 2021, although the financial specifics of these acquisitions were not disclosed. Reports indicated that the Spot acquisition was valued at $450 million at the time.

Thoma Bravo, a private equity firm, acquired a majority stake in Flexera in 2020, with additional investments from TA Associates and the Ontario Teachers’ Pension Plan Board. This strategic move by NetApp reflects the ongoing shifts in the tech landscape, where companies are increasingly focusing on their primary business areas while leveraging partnerships to enhance their service offerings.