Thoma Bravo buys into software improvement specialist Pendo at $2.6bn valuation

Software improvement business Pendo has picked up a $110m secondary investment led by Thoma Bravo at the company’s recent $2.6bn valuation.

The deal sees the private equity firm pick up secondary shares from Pendo employees and early-stage investors, with the aim of providing operational and financial resources to support the company’s growth plans, strategic acquisition efforts, and continued product innovation.

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Pendo, which was founded in 2013, works with more than 2,000 customers, ranging from Fortune 500 businesses undergoing digital transformation to software startups driving that process.

Its platform combines in-app messaging with product analytics, user feedback and roadmapping tools, allowing product teams to make informed decisions about what features to build, which to sunset, and how to accelerate product adoption.

Thoma Bravo partner Robert Sayle said, “As digital transformation has escalated across all industries, efficient and easy-to-use software is a business imperative.

“Pendo is a clear and proven leader, addressing the growing market need for excellent software experiences.”

Big deals from Thoma Bravo this year have included taking customer feedback software maker Medallia private in an all-cash transaction that valued the company at $6.4bn.

The firm agreed the biggest private equity software deal in history with a $12.3bn offer for email protection and cybersecurity business Proofpoint in April, and backed AI app testing specialist Applitools in March as pandemic continues to fuel digital transformation demand.

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