From Breakingviews - Tech firm says “you’re welcome” with $8 bln LBO
Thoma Bravo. Once the domain of hockey-stick growth charts and wild-eyed optimism, the humbling of the software industry promises a new era of real-talk. A sale isn’t a bad idea. Investors just need to be convinced they are getting a fair price.management about selling on the cheap. The reticence is understandable: Coupa’s shares were down 88% from their peak when news first broke of a possible deal.
Similar deals struck at recent lows also drew opposition, including at software firms Zendesk and Avalara. So Coupa came prepared with ashowing growth stalling and management expectations below even analyst estimates. The presentation also details a range of bidders that engaged the company. The clear message: This is the best you’re getting. And, indeed, at those other companies, loud investor complaints won little. The job of software bosses was once to promise infinite horizons; now, it’s to convince investors they’ve reached the end of the road. Microsoft plugs into LSEG data drive
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