Turn/River Capital, backed by Thoma Bravo and Silver Lake, has announced its agreement to acquire SolarWinds Corp. for $4.4 billion, which includes debt obligations. The deal values SolarWinds at $18.50 per share, representing a 35% premium over its closing price on February 6, 2025. The acquisition is anticipated to finalize in the second quarter of 2025.
This transaction highlights the growing interest of private equity investors in the software sector. Thoma Bravo and Silver Lake previously acquired Turn/River Capital in 2016 and took it public in 2019. At that time, SolarWinds served notable clients, including the U.S. State Department, the FBI, and all branches of the U.S. Armed Forces.
Turn/River Capital specializes in software and cloud services investments. Its portfolio includes companies like Paessler, a cloud IT firm, and Tufin, a cybersecurity provider. In 2022, Turn/River raised $1.35 billion for its fifth investment fund and is based in San Francisco, California.
SolarWinds, headquartered in Austin, Texas, develops software for managing networks, systems, and infrastructure. Thoma Bravo, an IT investment firm, manages assets worth $160 billion and has offices in San Francisco, Chicago, and Miami.
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