Regions Northern Virginia

Thoma Bravo to acquire Deltek for $1.1 billion

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Herndon-based Deltek Inc., a provider of enterprise software and information solutions, has agreed to be taken private in a$1.1 billion deal with Thoma Bravo LLC. 
Deltek, which trades on the Nasdaq exchange under the PROJ symbol, said in a press release that it has entered into a definitive agreement, in which it will be acquired by the private-equity investment firm in an all-cash transaction.  Bravo has offices in Chicago and San Francisco.

Deltek’s stockholders will receive $13 in cash for each share of its stock. The company said the offer represents a 7 percent discount to Deltek’s stock price on Aug. 24, 2012 and a 24 percent premium over Deltek’s stock price on June 11, the day before Deltek disseminated information on the sales process to interested parties on a confidential basis.

Deltek’s board of directors and its largest shareholder, New Mountain Capital, have approved the acquisition. Since New Mountain Capital holds 100 percent of Deltek’s Class A stock and 59.5 percent of the company’s common stock, further approval by shareholders is not required.

“Over the past seven years, we have successfully executed our long-term plans for Deltek to enter new markets, grow internationally, and expand our industry-leading solutions for project-based companies,” Kevin Parker, Deltek’s president, CEO and chairman said in a statement. “… We’re very excited about the opportunity to continue Deltek’s successful journey in partnership with Thoma Bravo. “

New Mountain Capital, based in New York, noted that Deltek had been a success story. “Since we first invested in Deltek, the company has more than doubled in revenue, added more than 4,000 customers, built a global presence with customers in over 80 countries and is the enterprise solutions provider of choice to some of the world’s most prestigious Global 2000 companies,” Alok Singh, a managing director at New Mountain Capital, said in a statement.
T
he transaction is subject to regulatory approvals and is expected to close during the fourth quarter. After the acquisition closes, Deltek will remain in Herndon and its existing senior management team will continue to lead the company.


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