Thoma Bravo Announces Completion of Strategic Growth Investment in Foundation Software

By AIT News Desk On Aug 31, 2020

Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors, announced the completion of its acquisition of Foundation Software, a leading provider of construction accounting software and payroll services for small- to mid-sized specialty contractors.

Foundation Software’s suite of pioneering solutions for the construction industry and dedication to excellent service have allowed the company to consistently grow market share and maintain a resilient customer base. Foundation Software is expected to leverage Thoma Bravo’s capital and expertise in enterprise software solutions to continue growth and pursue further innovation across the company’s platform.

“Fred and I couldn’t be more excited to chart this next phase in our company’s journey with such a trusted partner as Thoma Bravo,” said Mike Ode, CEO of Foundation Software. “Through this strategic investment, we can drive growth while remaining squarely focused on our commitment to excellence for our customers and our mission to provide unparalleled solutions to the construction accounting software industry.”

“We have long admired Foundation Software’s rich history of innovation and trusted service,” said Carl Press, a Principal at Thoma Bravo. “We look forward to partnering with Fred, Mike and the Foundation team to build on their tremendous progress, tapping into our operational expertise in software to accelerate the company’s growth.”

Financing for the transaction was provided by funds managed by affiliates of The Private Credit Group of Goldman Sachs Asset Management, L.P., BlackRock US Private Credit and Interbank. Kirkland & Ellis served as legal advisor to Thoma Bravo. Benesch, Friedlander, Coplan & Aronoff served as legal advisor to Foundation Software.

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