Online ordering provider Olo has reached an agreement with investment firm Thoma Bravo to take the company private at a valuation of $2 billion, according to the companies announced on Thursday.
Shareholders will receive $10.25 per share in cash, a 65% premium on the previous day’s closing price and 13% higher than Wednesday’s trading close.
This deal marks a significant turning point for Olo, which went public just four years ago. The company’s stock has fallen by over 72% since its IPO, but the sale offers new opportunities to help it accelerate growth and expand its presence in the restaurant industry.
As one of the industry’s most widely used tech companies, Olo helps numerous restaurant chains take their businesses online through its core product: online ordering. The company has also expanded into marketing, customer engagement, and payment processing.
Thoma Bravo, a software-focused investor with $184 billion in assets under management, is acquiring Olo to tap into its “incredible platform” and deep customer relationships. The deal is expected to close by the end of the year.
“We see tremendous potential ahead and are incredibly excited to work with Noah and his team on strategic and operational initiatives,” said Peter Hernandez, SVP at Thoma Bravo.
Olo founder and CEO Noah Glass expressed confidence in the partnership: “By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision by helping our customers create a world where every restaurant guest feels like a regular.”
Source: https://www.restaurantbusinessonline.com/technology/olo-be-sold-investment-firm-2b-deal