Thoma Bravo Tests SaaS Valuations With $3B+ Apryse Exit: A Case Study in Software Roll-Up Strategies

Deal Overview: High-Stakes Exit in Document Processing Niche

Thoma Bravo is positioning Apryse (formerly PDFTron) for what could become one of 2025’s most watched private equity exits. The Denver-based document software specialist – powering workflows for 20% of Fortune 100 companies – now commands:

💼 Seasoned CorpDev / M&A / PE expertise

Key Financial Metrics

• $100M+ EBITDA at 20%+ annual growth rate
• 30x+ EBITDA multiple target (vs. 25x median for top-quartile SaaS)
• 9 strategic acquisitions completed under Thoma Bravo ownership

The Thoma Bravo Playbook: From $1B to $3B in 4 Years

Since acquiring Apryse through its Discover mid-market platform in 2021, Thoma Bravo executed a textbook SaaS value creation strategy:

Buy-and-Build Acceleration

• Expanded from core PDF tech to full document lifecycle management
• Added AI capabilities via Lead Technologies (2023) and TallComponents (May 2025)
• Increased enterprise penetration from 45% to 68% of revenue

Market Context: Why Document Software Commands Premium Multiples

Despite higher interest rates, Bain & Company’s 2025 Global Private Equity Report shows SaaS deal values remain 22% above 2020 levels due to:

Sector Tailwinds

• AI integration: 73% of enterprises now prioritize smart document processing (McKinsey)
• Regulatory drivers: HIPAA/GDPR compliance needs boost spend in regulated verticals
• Switching costs: Average enterprise implementation takes 14 months (Gartner)

Exit Strategy Analysis: Dual-Track Options in Play

With Lazard managing the process, Thoma Bravo appears to be testing both strategic and financial buyer appetite:

Potential Suitors

Industry Implications: The New SaaS Exit Calculus

This potential transaction reflects three key shifts in private equity’s approach to software investments:

2025 Exit Strategy Trends

1. Shorter hold periods: 3-4 year holds becoming common for platform-built assets
2. Roll-over equity: 30% of PE sellers now retain stakes (Goldman Sachs data)
3. Cross-border buyers: Asian sovereign funds showing 47% YoY increase in Western tech deals

Risk Factors: What Could Derail the $3B Valuation?

While Apryse’s fundamentals appear strong, Kirkland & Ellis M&A partners note three emerging deal risks:

• DO
  
  Sources

   

  💼 Seasoned CorpDev / M&A / PE expertise

  Get M&A headlines on X!