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Restaurant technology platform Olo has entered into an agreement to be acquired by software investment firm Thoma Bravo for an all-cash transaction with an estimated equity value of $2 billion.
The transaction, which is expected to close by the end of 2025, will take Olo private, and will help to accelerate the company’s continued growth in the foodservice technology sector.
“Over the last twenty years, we’ve built Olo into the market leader in digital ordering for restaurants, while also expanding into payments and guest engagement to help restaurant brands aggregate and activate guest data to drive profitable traffic,” Noah Glass, Olo’s Founder and CEO, said in a statement. “By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision of helping our customers create a world where every restaurant guest feels like a regular.”
Under the terms of the agreement, Olo shareholders will receive $10.25 per share, which is 65% over the company’s share price of $6.20 as of April 30.
Thoma Bravo is a software-focused investor with more than $184 billion in assets and has invested in or acquired more than 535 companies, including NextGen Healthcare, Boeing’s Digital Aviation Solutions, and business planning software company, Anaplan, which was one of the largest acquisitions the firm made for $10.7 billion in 2022.
“We are thrilled to be joining Noah and the Olo team at this exciting stage of their journey,” Hudson Smith, a partner at Thoma Bravo, said in a statement. “The incredible platform and deep customer relationships they’ve built over the last two decades make them an ideal investment for us. We look forward to supporting them as they capitalize on the significant opportunities in the hospitality sector and work to achieve their impressive vision.”
The transaction was unanimously approved by the Olo board and is subject to customary closing conditions.
Goldman Sachs is serving as the exclusive financial advisor, Goodwin Procter LLP is serving as legal counsel to Olo, and Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo for this deal.
Contact Joanna at joanna.fantozzi@informa.com
