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Capital Business
Posted at 10:50 AM ET, 08/27/2012

Deltek to be acquired by Thoma Bravo for $1.1 billion

Herndon-based Deltek said Monday it will be acquired by private equity firm Thoma Bravo for $1.1 billion.

The announcement caps a period of significant change for Deltek, which is best known for providing software to government contractors, but has in recent years expanded into offering them market research and helping them form teams to compete for contracts.

Under the deal, Deltek, which is a public company but majority owned by private-equity firm New Mountain Capital, will turn private. Thoma Bravo, which is based in Chicago and San Francisco, is to pay $13 per share.

Deltek noted in its announcement that the share price represents a 7 percent discount from the company’s Aug. 24 share price — but said it reflects a 24 percent premium over Deltek’s price on June 11, when Deltek released information on the sales price to interested parties.

New Mountain invested in Deltek in 2005, and shortly after, Kevin T. Parker was appointed the company’s chief executive.

He led Deltek on an acquiring spree, as it picked up Planview’s MPM division, which makes project management software, and Reston-based mySBX, an online network that allows government contractors and professionals to find partners and publish opportunities.

The company also bought dueling Input and FedSources, which were competing against each other to offer market analysis to government contractors, as well as Danish firm Maconomy, to expand Deltek’s global presence.

Last year, the company consolidated into one office in Herndon.

In Monday’s announcement, Deltek said New Mountain Capital has consented to the acquisition, and the deal is expected to close by the end of the year. The company said its headquarters will stay in Herndon, and its senior management team will remain.

By  |  10:50 AM ET, 08/27/2012

 
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