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Thoma Bravo drops majority share in Nintex as TPG Capital picks up reins

Mon 11 Oct 2021

US investment firm TPG Capital is buying a majority share in process automation firm Nintex, prompting current majority stakeholder Thoma Bravo to take a back seat with a ‘significant minority interest’.

Nintex CEO Eric Johnson says it is an exciting time for everyone at Nintex and its global community.

“Our mission continues to focus on improving the way people work through process management and automation, and with the support of leading software investors like TPG Capital and Thoma Bravo, the future of Nintex is extraordinarily bright. It is a mission-critical time to be a part of the worldwide automation movement and we can’t wait to further delight our customers and partners with continued product innovation and valuable programs that fuel their ongoing success.”

Nintex acknowledges Thoma Bravo’s role in helping to achieve organic innovation and four acquisitions during the last four years, including K2 Software, AssureSign, EnableSoft, and Promapp.

According to TPG Capital co-managing partner Nehal Raj, Nintex is a key part of the evolution towards digital process automation and management, which are critical to organisations’ abilities to work both effectively and efficiently.

“While the company serves thousands of organisations today, we believe they are only scratching the surface in terms of the breadth of departmental and industry process solutions needed. We look forward to working with the teams at Nintex and Thoma Bravo to accelerate the company’s growth.”

TPG Capital and Nintex will invest more into Nintex research and development, expand go-to-market programs, and continue adding complementary process technologies to support demand for its software platform.

Nintex also plans to recruit more people to its team of 850-strong staff, particularly in the areas of customer success, engineering, marketing, product management, and marketing.

“We are thrilled with the pace of innovation, operational rigor, and financial results delivered by Nintex over the last few years,” comments Thoma Bravo partner Hudson Smith.

“From product engineering to marketing, sales, and customer success, Nintex has been laser focused on what matters most – ensuring the success of everyone leveraging Nintex software to improve and automate business. We’re very optimistic about Nintex’s future and look forward to our continued partnership with the company.”

The transaction is expected to be completed by the end of the year.

Morgan Stanley & Co. LLC is serving as financial advisor to TPG Capital. BofA Securities is serving as lead financial advisor and Macquarie Capital is serving as co-financial advisor to Nintex. Debt financing for the transaction is being provided by Blackstone and Thoma Bravo Credit. Ropes and Gray is serving as legal counsel to TPG Capital, Kirkland & Ellis is serving as legal counsel to Thoma Bravo, and Wilson Sonsini as legal counsel to Nintex.

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