Thoma Bravo

Thoma Bravo Completes Entrust Acquisition

Press Release


Acquisition Adds to Thoma Bravo’s Growing Software Company Portfolio San Francisco,

July 29, 2009 – Thoma Bravo, LLC, a leading private equity investment firm, has completed the acquisition of Entrust (NASDAQ: ENTU), a world leader in securing digital identities and information.  This follows approval of the transaction by Entrust shareholders during a special shareholders meeting held yesterday.

Entrust shareholders will receive $2.00 per share for each share of common stock they hold. The resulting transaction represents a total equity value of approximately $124 million.

“We could not be more excited to partner with Entrust’s existing management team in this investment,” said Scott Crabill, a managing partner at Thoma Bravo. “We look forward to supporting the company as it continues to provide its customer base with world class products.”

“The Entrust board, executives, management and employees are equally excited about the positive stockholder vote and the new direction for the Entrust brand,” said Entrust president and CEO Bill Conner. “Together with Thoma Bravo, Entrust will continue to innovate, provide leadership and secure our customers with solutions that are not only proven across the globe, but affordable and easy to use.”

“Entrust is a leader in the authentication technology market, an industry that remains highly fragmented,” said Seth Boro, a principal at Thoma Bravo. “We look forward to supplementing Entrust’s organic growth initiatives with Thoma Bravo’s ‘buy-and-build’ expertise.”

“The company’s recurring revenue streams, market leading products and diverse customer base of more than 2,000 organizations, were among the many very attractive attributes that led us to acquire Entrust,” added Robert Sayle, a vice president at Thoma Bravo.

Kirkland & Ellis LLP provided legal counsel to Thoma Bravo.

Despite volatile market conditions, Thoma Bravo continues to complete software-related transactions, including three software platform investments and 12 add-on acquisitions, totaling more than $525 million since the beginning of 2008.

About Thoma Bravo, LLC

Thoma Bravo is a leading private equity investment firm that has been providing equity and strategic support to experienced management teams building growing companies for more than 28 years.  The firm originated the concept of industry consolidation investing, which seeks to create value through the strategic use of acquisitions to accelerate business growth.  Thoma Bravo applies its investment strategy across multiple industries with a particular focus on the software and services sectors. In the software industry, Thoma Bravo has completed 40 acquisitions across 13 platform companies with total annual earnings in excess of $600 million. For more information on Thoma Bravo, visit

About Entrust

Entrust (NASDAQ: ENTU) secures digital identities and information for consumers, enterprises and governments in more than 2,000 organizations spanning 60 countries. Leveraging a layered security approach to address growing risks, Entrust solutions help secure the most common digital identity and information protection pain points in an organization. These include SSL, authentication, fraud detection, shared data protection and e-mail security. For information, call 888-690-2424, e-mail or  Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks or registered trademarks of Entrust, Inc. or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.


Press Contact

Keith Metz-Porozni

Lane PR (for Thoma Bravo)

(503) 546-7870