The price just went up

Thoma Bravo finds itself out an extra $300 million


Happy Friday. Here’s what we’ve got today…

  • A look at Thoma Bravo’s improved offer for Everbridge

  • The deal sheet, plus a look at how the rise of private credit isn’t all bad for traditional banks


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Thoma Bravo increased the purchase price it’s paying to acquire Everbridge, a publicly traded provider of emergency response and intelligence solutions for government and enterprise.

The two sides originally struck an agreement in early February over a $1.5 billion sale, a $28.60 per share offer that was a roughly 20 percent premium to the pre-announcement share price.

The agreement included a 25-day go-shop period expiring at the end of February, and Everbridge managed to solicit an improved proposal from a third-party. Thoma Bravo matched and is now paying $1.8 billion, or $35 per share.

Go-Shop Surprise

While go-shop provisions are more common for financial buyers than strategics, they’ve become relatively rare in recent years. As of February 2024, slightly more than one quarter of private equity take-privates over the last twelve months included such language, according to Paul, Weiss’ terms tracker.

The number of go-shops that lead to an upward purchase price revision is, of course, smaller still. Based solely on market data, Thoma Bravo may be somewhat surprised that they’ve now found themselves shelling out an extra $300 million.

Paul, Weiss notes, however, that part of the reason for the seeming scarcity of go-shop provisions is that many targets question their need. Because targets will generally have a “fiduciary out,” which permits the board to terminate the initial merger agreement should a higher-priced offer materialize, go-shops can be superfluous (especially as rapid news coverage means other suitors are well aware of the initial bid, even without go-shop solicitation).

Either way, Everbridge’s specific outcome doesn’t happen often.

Years in the Making

Formed in aftermath of the September 11, 2001 terrorist attacks, Everbridge provides a suite of solutions designed to help clients assess threat levels in specific geographies (such as where employees live or travel) and send mass-notification emergency alerts.

It’s a somewhat niche offering, but Everbridge’s flagship Mass Notification product is considered a category leader and holds large contracts with Germany, The Netherlands, and the United Kingdom.

Even so, the business has weathered volatility over recent years, including a drop in growth from 36 percent in 2021 to just 3 percent in 2023. With a product that doesn’t directly generate ROI, Everbridge can be one of the first software providers to face budget cuts when economic conditions cool—2023 was a story of down-sells, seat compression, and limited new logo wins.

Against that backdrop, analysts generally felt the original Thoma Bravo offer was a solid outcome for the business. At the time, consensus was that an improved bid was unlikely, particularly with a limited number of potential strategic acquirers.

Adding to the surprise is speculation that Everbridge has likely been in play for a couple of years following a December 2021 CEO departure. Any potential suitors have had ample time to make a move—one Raymond James analyst even labelled it “a rather thorough selling process.”

Looking forward, the deal could be a positive for Everbridge, which is likely to benefit from a period of time away from public market scrutiny. The company has kicked off a series of longer-term changes to its product and go-to-market strategy, which should be easier to execute under Thoma Bravo ownership.


Fiserv and Amadeus IT Group are preparing final bids for Shift4 Payments, a payment processing firm trading at a market value of around $7 billion.

I Squared Capital is preparing to sell Energia Group, an Irish energy supplier, which could be worth more than €3 billion, per Reuters.

OMERS Private Equity and Harvest Partners are preparing to sell Epiq Systems, a provider of integrated legal technology solutions, in a deal that could be valued at over $3 billion.

KKR is preparing to sell Metro Pacific Health, a Philippines-based hospital operator, in a deal that could be worth around $3 billion.

MNC Capital Partners offered to buy Vista Outdoors (NYSE: VSTO), a listed hunting and sporting goods retailer, for $2.9 billion.

First Advantage (Nasdaq: FA) has agreed to acquire rival Sterling Check (Nasdaq: STER), a provider of background and identity verification services, for $2.2 billion.

Goldman Sachs Asset Management is preparing to sell Omega Healthcare, a healthcare RCM solutions provider, with a potential valuation of around $1 billion.

Golden Energy and Resources (GER) and M Resources have agreed to acquire South32's Illawarra Metallurgical Coal business for A$1.65 billion.

SCB X (SET: SCBX) agreed to acquire Home Credit Vietnam, the consumer finance arm of Home Credit N.V., for $860 million.

Avryo Health, a healthcare services platform formed by GTCR, invested in 7to7 Dental, a San Antonio-based dental service organization.

Leeds Equity Partners acquired TouchMath, an educational publisher specializing in multisensory math instruction, from Millpond Equity Partners.

Toney Healthcare, a portfolio company of Centre Partners and Health Enterprise Partners, has acquired Rebellis Group, a provider of Medicare managed care consulting services.

Bow River Capital acquired Accelo, a professional services automation software provider.

Direct Capital acquired Hiway Group, an Australian specialist transport infrastructure services provider, from The Riverside Company.

BlackRock invested $200 million investment in ENVIRIA, a German commercial and industrial solar startup.

• KKR-backed Headlands Research acquired Pharmasite Research, a provider of clinical trial services.

B. Riley is considering a sale of its Appraisal and Retail, Wholesale & Industrial Solutions divisions, with Moelis & Company advising on the process.

Banco Santander is in talks to acquire a minority stake in Seaya, a Madrid-based venture investor.

Embracer Group is nearing a deal to sell its subsidiary Saber Interactive, a video game developer and publisher, to an undisclosed financial sponsor for around $500 million, per Bloomberg.

BBC Studios acquired ITV's 50 percent stake in BritBox International, a streaming service, for £255 million ($322 million).

Kirkoswald Asset Management is in talks to acquire Emso Asset Management, a London-based emerging markets-focused fixed income and credit manager.

Summit Partners acquired a majority stake in Insurcomm, a provider of property damage restoration services.

Essence Global is in discussions to acquire Refinery29 from Vice Media.

LVMH is in discussions to acquire Paris Match, a French weekly magazine, from Lagardère.


EQT is nearing an IPO for Galderma, its Swiss dermatology portfolio company, that could be valued at $20 billion, per Bloomberg.

BC Partners is considering an IPO for portfolio company Springer Nature, a scientific, technical, and medical publisher, at a potential €9 billion valuation, per Reuters.


Tech, Vertical SaaS, & Misc. Enterprise

Filigran, a Paris-based cybersecurity startup providing open-source threat intelligence products, raised €15 million in Series A funding led by Accel, with participation from existing backers Moonfire Ventures and Motier Ventures.

Heyflow, a no-code AI-enabled website building platform, raised $16 million in Series A funding led by Singular.

Axiom Cloud, a developer of AI-driven refrigerant leak detection systems, raised $5 million from Toshiba Tec and Windsail Capital Group.

Sunhat, a developer of sustainable business intelligence management software, raised €5 million from EnBW New Ventures, Capnamic Ventures, WEPA Ventures, and xdeck.

Silence Laboratories, a Singapore-based developer of data governance and privacy infrastructure, raised $4.1 million in funding led by Pi Ventures and Kira Studio.

Media & Consumer

Passes, a creator monetization platform, raised $40m in Series A funding led by Bond, with participation from Abstract Ventures, and Crossbeam Ventures., a streaming TV advertising platform focused on SMBs, raised $22.5 million in Series A funding led by Singular, with participation from Elaia Partners, Sequoia’s Scout Fund, and Motier.

Healthcare & Life Sciences

FogPharma, a biotech focusing on protein-medication therapies, raised $145 million in Series E funding led by Nextech.

BlossomHill Therapeutics, a biotech developing small-molecule cancer therapies, raised $100 million in Series B funding. Colt Ventures led, with participation from Cormorant Asset Management, OrbiMed, Vivo Capital, Hercules BioVentures, Plaisance Capital, and H&D Asset Management.

Kenai Therapeutics, a developer of cell therapeutics for central nervous system disorders, raised $82 million in Series A funding co-led by Cure Ventures, Alaska Permanent Fund, and The Column Group. Euclidean Capital and Saisei Ventures also participated.

Argá Medtech, a medical device developer focused on pulsed field ablation for arrhythmias, raised €54 million in Series B funding co-led by Advent Life Sciences, Earlybird Health, and Gilde Healthcare.

Orbis Medicines, a drug developer focused on orally available, small cyclic compounds, raised €26 million in seed funding from Novo Holdings and Forbion.

Zeno Health, an Indian retail pharmacy, raised $25 million in Series C funding led by STIC Investments, with participation from Lightbox.

Salvo Health, a tech platform for GI care, raised $5 million in new funding. City Light Capital and Human Ventures co-led, with participation from Threshold Ventures, Torch Capital, and Felicis Ventures.

Industrials, Greentech, & Other

Figure AI, a developer of human-like AI-powered robots, raised $675 million at a $2.6 billion valuation from Microsoft, OpenAI, Nvidia, Jeff Bezos, Parkway, Intel Capital, Align Ventures, and ARK Invest.

Fervo Energy, a geothermal energy technology development company, raised $244 million in a strategic round led by Devon Energy, with participation from Galvanize Climate Solutions, John Arnold, Liberty Mutual Investments, Marunouchi Innovation Partners, Mercuria, and Mitsubishi Heavy Industries.

GeoPura, an operator of renewable energy solutions, raised £56 million ($65.6 million) in new funding. The UK Infrastructure Bank led, with participation from Barclays Sustainable Impact Capital, GM Ventures, SWEN Capital Partners, and Siemens Energy Ventures.

Range Energy, a California-based developer of electric trucking trailers, raised $23.5 million in new funding from EASMEERVE, Trousdale Ventures, R7, UP.Partners, and Yamaha Motor Ventures.

Anthro, a developer of polymer battery technology, raised $20 million in Series A funding. Collaborative Fund led, with participation from Union Square Ventures, Emerson Collective, Voyager, Energy Revolution Ventures, Ultratech Capital Partners, Nor’easter Ventures, and Overlap Holdings.

Flexnode, a developer of liquid-cooled micro data centers, raised $9 million in seed funding led by Zacua Ventures, with participation from Yes VC, Arup, SHoP Architects, and JE Dunn.

Logan Energy, a provider of integrated energy systems and hydrogen technology, raised £5 million in funding. Lanxing New Energy and Scottish Enterprise co-led.


The Sterling Group is targeting $2.75 billion for its sixth middle market buyout fund.

Avista Capital raised $1.5 billion for its sixth healthcare-focused buyout fund.

Kedaara Capital is raising $1.7 billion for its fourth fund, India’s largest ever.

Lord, Abbett & Co. raised more than $1 billion for a new private credit fund.

Inspired Capital raised $330 million for its third venture fund.

Ares Management partnered with Pallas Capital to launch a $326 million fund meant to provide alternative liquidity to commercial real estate investors.

JPMorgan Chase & Co. is in discussions over partnerships with private credit firms, including FS Investments and Octagon Credit Investors, as it looks to expand its direct lending presence.


1. Banks find a silver lining in private credit’s rise.

• While private credit has jumped in to take share (and fees) from banks’ leveraged finance offerings, banks have managed to recoup some of the loss by lending to private credit funds themselves. — Semafor

2. Investors share the hardest lessons they’ve had to learn.

• A group of investors recounts the most difficult learnings they’ve picked up over long careers. — Bloomberg


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