iOFFICE, the industry leader in workplace experience and asset management software-as-a-service solutions, today announced its acquisition by Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sector, from prior owner Waud Capital Partners. iOFFICE CEO Mark Peterson and the existing management team will continue to lead the company. The transaction closed today following regulatory approval; financial details were not disclosed.
iOFFICE is uniquely positioned to capitalize on current macro market trends, enabling clients to shift to the cloud and at the same time offer a more engaging digital experience for employees who interact with corporate assets. The acquisition by Thoma Bravo will allow iOFFICE to accelerate product development and execution of this strategy. According to independent research and advisory firm Verdantix, space and workplace management represents the most dynamic segment of the smart building market and is forecasted to grow at a rate of 13 percent annually through 2025. iOFFICE is particularly well placed to meet this demand as legacy solutions struggle to scale and companies adopt tools to manage their increasingly dynamic workplace needs for the first time.
“Thoma Bravo has an exceptional track record of working collaboratively with businesses in the enterprise software space,” said Mark Peterson. “We’re excited to work with their team to build on the momentum we achieved with Waud Capital Partners to realize our collective mission of empowering responsive, frictionless workplaces for enterprises worldwide.”
Thoma Bravo Senior Partner A.J. Rohde added, “The last 16 months have illuminated the need for enterprises to have a comprehensive suite of integrated workplace and smart building solutions. We strongly believe that we are entering a new world where employee experience will be a cornerstone of how companies think about their space management process. We have deep respect for the talented iOFFICE team and are confident that the company’s best-in-class product suite will continue to drive expansion. We are thrilled to partner with iOFFICE and apply our capital and growth expertise to help customers solve problems faster.”
“We are very proud to have partnered with Mark Peterson and his team to drive transformational growth and create a market leader in iOFFICE,” said Matthew Clary, Partner at Waud Capital Partners. “Through organic growth and strategic acquisitions, Mark and his team rapidly expanded iOFFICE’s reach both horizontally and vertically with outstanding results. iOFFICE is a leading, innovative business in a highly dynamic market, and we know they will continue to have success with their terrific new partner, Thoma Bravo.” Waud Capital Partners will hold a minority ownership position in the company going forward.
Waud Capital Partners was advised by lead financial advisor, Raymond James, and co-financial advisor, Software Equity Group. Kirkland & Ellis LLP served as legal advisor for both Waud Capital Partners and Thoma Bravo.
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