$6.6 billion acquisition by Thoma Bravo

By Chris Dawson July 12, 2021 - 6:37 am

A $6.6 billion definitive agreement for acquisition by Thoma Bravo has been announced. Thoma Bravo, a software investment firm will make an all-cash transaction that values at approximately $6.6 billion. The family include some of the best known names in the shipping industry including Endicia, GlobalPost, Metapack, ShipEngine, ShipStation, ShippingEasy, and ShipWorks.

Under the terms of the agreement, stockholders will receive $330.00 per share in cash representing a premium of 67% over the Company’s closing share price on the 8th of July 2021, the last full trading day prior to the transaction announcement. The premium is 71% over the Company’s three-month volume-weighted average closing share price through to the 8th of July 2021.

Upon completion of the transaction, will become a private company with the flexibility and resources to continue to provide best-in-class global ecommerce technology solutions. Additionally, will benefit from the operating capabilities, capital support and deep sector expertise of Thoma Bravo – one of the most experienced and successful software and technology investors in the world.

“As the first company to introduce online postage and an early innovator in ecommerce shipping software, has established itself as a key technology solution in worldwide ecommerce. With a highly-seasoned management team that has driven impressive growth for more than twenty years, an innovative suite of market-leading software solutions, and a large and growing customer base, is well positioned to capitalize on the strong secular tailwinds in e-commerce and we are excited to support the Company in its next chapter of growth.”
– Holden Spaht, a Managing Partner, Thoma Bravo

The $6.6 billion acquisition follows a few years of upheaval for the company. Along with a stream of acquisitions to become the biggest name in shipping label purchasing, Stamps run into trouble in 2019 when they walked away from a deal they previously had with USPS. This left them with no margin on selling USPS stamps meaning they had no alternative but to charge for their service which had previously been free of charge. Their share price dived from over $200 to $85 and then on the announcement of lower revenue and earnings expectations for the rest of the year dropped to $40.

Since this share low, their share price recovered but this announcement will mean a bumper return for those that held their nerve and hung on to their shares. Any one that bought into when the shares were under $40 in 2019 is in for a very very nice pay day!

What comes after a $6.6 billion acquisition? Well it should give significant freedom to realign the business for future growth. Without the pressure of investors seeking returns, will be a private company and it will be interesting to see if they retain the wide family of brands or if there is some consolidation.

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