Deltek closes $1.1B sale
Thoma Bravo takes company private
- By Nick Wakeman
- Oct 10, 2012
Deltek Inc. and the private equity group, Thoma Bravo, have completed their $1.1 billion deal that takes Deltek out of the public market. Its stock stopped trading at the close of the markets on Tuesday.
The transaction removes New Mountain Capital as a major shareholder of Deltek. New Mountain acquired Deltek seven years ago, and took the company public, but continued to own a significant amount of its shares.
“Deltek has experienced significant growth over the past seven years, and I want to thank our board of directors and New Mountain Capital for their help building Deltek into a global market leader,” said Kevin Parker, Deltek president and CEO.
Parker and the rest of the management will continue in their positions under Thoma Bravo.
“Our customers will continue to receive the same commitment and unmatched solutions they’ve grown accustomed to, and can expect continued enhancements to our suite of products and solutions through strategic and organic growth investments,” Parker said in a statement.
Among the investments that Deltek has made is the acquisition of market research firms, Input and Federal Sources. The company has also pushed further into professional services with the acquisition of Maconomy.
In an earlier interview with Washington Technology, Parker said that being private would allow Deltek to invest more quickly in areas such as new product development and acquisitions, that can add business development software and applications and capture management capabilities.
Other areas of interest going forward include the broader professional services markets in Europe, South America and Asia, Parker said.
Nick Wakeman is the editor-in-chief of Washington Technology. Follow him on Twitter: @nick_wakeman.