Thoma Bravo to acquire Olo in $2B all-cash deal, taking restaurant software firm private

Thoma Bravo is taking restaurant software provider Olo off the public market. The private equity firm has agreed to acquire Olo in an all-cash deal valued at roughly $2 billion, the company said Thursday. Olo’s shares jumped over 13% in early trading following the announcement.

Shareholders will receive $10.25 per share in cash, which is a 65% premium over Olo’s April 30 closing price—the last day of trading before word of a potential sale began circulating, Reuters reported.

This marks Thoma Bravo’s second major deal of the year. Back in April, the firm agreed to acquire Boeing’s Digital Aviation Solutions unit—which includes Jeppesen, ForeFlight, AerData, and OzRunways—in an all-cash transaction worth $10.55 billion.

Olo, based in New York and founded in 2005, works with more than 750 restaurant brands across 88,000 locations, providing tools for digital ordering, payments, and customer engagement. Its client list includes Denny’s, P.F. Chang’s, Nando’s, and Cold Stone Creamery.

The company said the deal will help speed up its growth by giving it more flexibility to strengthen its product offerings, without the pressure of quarterly earnings and public scrutiny.

Olo went through some painful cuts last year, slashing about 9% of its staff to get its costs under control, following an earlier 11% reduction in 2023. The company appears to have turned a corner financially, reporting $1.81 million in net income for the first quarter of 2025.

It had 617 employees in the U.S. at the end of 2024.

Thoma Bravo, which manages around $184 billion in assets and has a long track record of acquiring software companies, expects the deal to close by the end of the year.

If the agreement falls through under certain conditions, Olo will be on the hook for a $73.7 million termination fee. Goldman Sachs is serving as the company’s exclusive financial adviser.