Home / M&A Activity / Thoma Bravo LLC to Buy Deltek for $1.1B Cash; Kevin Parker Comments

Thoma Bravo LLC to Buy Deltek for $1.1B Cash; Kevin Parker Comments

Provider of enterprise software and information solutions Deltek Inc. (Nasdaq:PROJ) has reached a definitive agreement to be acquired by Thoma Bravo, LLC for $1.1 billion in a cash transaction.

According to a Deltek statement, its stockholders will receive $13 cash for each share of stock when the transaction closes in what is supposed to be the fourth quarter of  2012.

Deltek’s  headquarters will remain in Herdon, Va. and the firm will no longer trade on the NASDAQ following the acquisition, as they will become a privately held firm.

Kevin Parker, Deltek’s president, CEO and Chairman of the Board said over the past seven years, Deltek has successfully executed plans to enter new markets, grow internationally, and to expand solutions for project-based companies.

The $13 per share offer price represents a 7% discount on Deltek’s stock price on August 24, 2012 and represents a 14.6x multiple of enterprise value to Deltek’s trailing twelve months Adjusted EBITDA as of June 30, 2012.

June 11, 2012 is when Deltek first released information on the sales process to interested parties and their respective advisors on a confidential basis.

Deltek’s board of directors and its largest shareholder, New Mountain Capital, have both agreed to the acquisition.

Alok Singh, lead director of Deltek’s Board of Directors, and a managing director at New Mountain Capital said that since his private equity firm had first invested in Deltek, the company more than doubled in revenue, added more than 4, 000 customers, built a customer base in 80 countries and provides enterprise solutions to many Global 2000 companies.

New Mountain Capital holds 100 percent of Deltek’s Class A stock and 59.5 percent of the company’s common stock

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