SAN FRANCISCO and SYDNEY—Thoma Bravo, a leading software investment firm, and Nearmap Ltd (Nearmap), a leading location intelligence and aerial imagery company listed on the Australian Securities Exchange (ASX), today announced the completion of Thoma Bravo's acquisition of Nearmap in an all-cash scheme of arrangement valued at approximately AUD $1.055 billion.
Nearmap, founded in Perth, Australia in 2007, is one of the world's largest aerial survey companies, providing tens of thousands of users with access to high resolution aerial imagery, city-scale 3D content, AI data sets and geospatial tools. The images and data captured via Nearmap's patented camera systems allow customers across the globe to make more informed decisions, streamline operations and improve financial performance.
Thoma Bravo's acquisition was first announced on August 15, 2022 and was carried out through an all-cash scheme of arrangement that was implemented on December 15, 2022. Nearmap's shares will be delisted from the ASX on December 16, 2022.
"The partnership with Thoma Bravo underscores the long-term value of our business and represents a unique opportunity to drive further growth across global markets and solidify Nearmap's industry-leading position," said Rob Newman, CEO of Nearmap. "We are confident that transitioning to a private company with Thoma Bravo's sector expertise, operating capabilities and capital support will position Nearmap to deliver even more value to our customers and partners around the world. I look forward to partnering with the Thoma Bravo team to achieve our shared ambitions for Nearmap's future."
"Nearmap is at the forefront of innovation in aerial imagery, data and analytics, and the company is well-positioned to capitalize on the growing global demand for its services," said A.J. Rohde, a Senior Partner at Thoma Bravo. "There is a large unmet need for cloud-based geospatial information technology and comprehensive insights, particularly in North America, representing one of many growth opportunities for Nearmap. We are excited to partner with Rob and his talented team to build on Nearmap's momentum and further expand its global footprint."
Goodwin Procter LLP and Gilbert + Tobin acted as legal advisors to Thoma Bravo and Goldman Sachs acted as financial advisor to Thoma Bravo. DLA Piper Australia acted as legal advisor to Nearmap and Citigroup Global Markets Australia Pty Limited acted as financial advisor to Nearmap.
Nearmap provides easy, instant access to high resolution aerial imagery, city-scale 3D content, AI data sets, and geospatial tools. Using its own patented camera systems and processing software, Nearmap captures wide-scale urban areas in Australia, New Zealand, the United States and Canada several times each year, making current content instantly available in the cloud via web app or API integration. Every day, Nearmap helps thousands of users conduct virtual site visits for deep, data driven insights – enabling informed decisions, streamlined operations and better financial performance. Nearmap was founded in Australia in 2007 and is one of the largest aerial survey companies in the world.
Thoma Bravo is one of the largest private equity firms in the world, with more than $120 billion in assets under management as of September 30, 2022. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired or invested in more than 420 companies representing over $235 billion in enterprise value1. The firm has offices in Chicago, Miami and San Francisco. For more information, visit www.thomabravo.com.
1Includes control and non-control investments.
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