Thoma Bravo cuts $1.1 billion from its acquisition price of SAP rival Anaplan, an enterprise software firm started in an English barn

Back in March, private equity giant Thoma Bravo reported it acquired British enterprise software firm Anaplan for $10.7 billion, which translated to $66 per share in an all-cash transaction. Three months later, Thoma Bravo decided to cut the takeover offer by $1.1 billion to $9.6 billion.

Today, Anaplan reported that Thoma Bravo had trimmed its takeover offer to $9.60 billion, after the software maker agreed to resolve a disagreement regarding compliance with certain merger terms, Reuters reported.

In a statement, Anaplan said: “The Anaplan board agreed, after extensive consideration, to revise the merger agreement to avoid the risk of lengthy litigation over the disagreement.”

Instead of the original $66 per share, Anaplan shareholders will now receive $63.75 per share. The offer price is still at a premium of 26% to Anaplan’s closing price before the deal was announced in March. The closing date remains unchanged. The deal is expected to close by June 30.

Founded in 2006  in a barn in Yorkshire, England, by Guy Haddleton, Sue Haddleton, and Michael Gould, Anaplan provides a connected planning platform that helps businesses and organizations make better-informed plans and decisions faster. Anaplan boasts over 1,900 customers and is viewed as a competitor to the likes of SAP, Oracle, and Microsoft.

Frank Calderoni, chairman and CEO of Anaplan, said in a statement that the takeover marks the start of a new chapter for the company. “We are confident that Thoma Bravo’s resources and insights will help us accelerate and scale our growth strategy,” he said.

The transaction is expected to close in the first half of 2022 providing there are no objections from regulators or Anaplan’s stockholders. Goldman Sachs and Qatalyst Partners are acting as financial advisors.

“We are thrilled to partner with Thoma Bravo to build on the strength of our innovative platform and capitalize on the massive opportunity and incredible demand we are seeing,” said Frank Calderoni, Chairman & Chief Executive Officer. “This is a clear validation of our team’s outstanding work and the start of an exciting new chapter for Anaplan, our customers, and our partner ecosystem. We are confident that Thoma Bravo’s resources and insights will help us accelerate and scale our growth strategy.”

Before going public on the New York Stock Exchange in 2018, Anaplan raised over $240 million in funding from the likes of Amazon- and Tesla-backer Baillie Gifford, as well as Salesforce. It also relocated its headquarters to San Francisco, California.

“Anaplan is a clear leader in Connected Planning, solving critical business priorities for the world’s largest enterprises as they implement strategic and complex digital transformations,” said Holden Spaht, a Managing Partner at Thoma Bravo. “We have followed Anaplan for years and have seen the incredible value they bring customers through their best-in-class planning platform. We look forward to leveraging Thoma Bravo’s extensive operational and investment expertise in enterprise software to support Anaplan in its future growth.”

Thoma Bravo has more than $103 billion in assets under management.