Private equity firm Thoma Bravo LP has announced it will acquire workplace software firm Calabrio Inc from KKR & Co Inc.
The staggering deal values Calabrio at more than $1 billion, though the terms of the deal are yet to be published. KKR paid $200 million to acquire Calabrio in 2016.
Thomas Goodmanson, Calabrio chief executive officer, said: “The pandemic has really shifted a focus to the cloud, in our industry where we help companies take care of their customers, they had to send their contact centre agents home and our software was in a perfect place to help them.”
Minneapolis-based Calabrio provides a cloud-based software that allows companies like Netflix and Shopify to track and analyse contact centre data.
Calabrio grew its recurring revenue to 80% of total revenue, up from just 30% about four years ago when it was acquired by KKR.
Thoma Bravo is one the largest software-focused private equity firms with $77 billion in assets under management. Its portfolio companies include information technology services provider SolarWinds Corp and cybersecurity firm McAfee Corp.
