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Thoma Bravo agrees $730mn takeover of Australia mapping firm


Thoma Bravo has agreed its first Australian acquisition after the board of mapping firm Nearmap really useful a A$1.06bn ($730mn) takeover by the US personal fairness agency that has been on a know-how sector shopping for spree.

The acquisition can also be the newest in a string of deals for listed Australian companies that pushed mergers and acquisition exercise to file highs, dispelling considerations that rising rates of interest and a deteriorating world financial atmosphere would sluggish the tempo of takeover exercise.

The A$2.10 a share money provide represents a 67 per cent premium on the common Nearmap share worth over the previous six months.

Thoma Bravo, with $114bn of belongings, is without doubt one of the most lively acquirers of software program firms on the earth. The agency paid $12.3bn for e mail safety firm Proofpoint final yr, one of many largest tech offers of 2021, and agreed to pay $10.7bn for knowledge platform supplier Anaplan in March earlier than negotiating a discount on the worth over a pay dispute.

It has additionally launched a £2.7bn takeover bid for Darktrace, the UK cyber safety developer.

Nearmap was based in Perth in 2007 and has develop into one of many world’s largest aerial imaging firms. The group offers 11,000 authorities departments and personal sector firms with detailed cloud-based 3D pictures of terrains within the Pacific and North America. The corporate is anticipated to increase in North America as soon as the takeover is full.

Nearmap chief govt Rob Newman mentioned: “We count on the situation intelligence and aerial imaging market in North America to bear change and consolidation over the subsequent few years, which can current natural and inorganic alternatives for Nearmap.” 

AJ Rohde, a senior associate at Thoma Bravo who led the deal, mentioned: “We consider Nearmap’s insights are more and more mission-critical to enterprises and the use instances quickly evolving, as evidenced by the corporate’s accelerating adoption with blue-chip prospects in North America.”

Nearmap shares rose simply over 5 per cent to A$2.07 on Monday following the announcement that the deal had been agreed, barely beneath the provide worth. The inventory traded at greater than A$4 in 2019 however has not recovered to these ranges.

John Campbell, an analyst with financial institution Jefferies, mentioned that outcomes final week from Nearmap confirmed that the corporate was assured of reaching optimistic money move in fiscal 2024, which might have strengthened Thoma Bravo’s resolve to purchase the enterprise.

“Whether or not any competing bidders emerge is clearly a key unknown,” he wrote in a be aware.

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