Partnership to Accelerate Quorum’s Strategic Growth Initiatives
SAN FRANCISCO & HOUSTON–(BUSINESS WIRE)–Thoma Bravo, LLC, a leading private equity investment firm, today announced that it has agreed to acquire Quorum Software (“Quorum” or “the Company”), the leader in digital transformation for the oil and gas industry, from Silver Lake. The transaction is expected to close in the third quarter of this year, subject to standard and customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.
Since its inception in 1998, Quorum has delivered purpose-built software, fueling the digital transformation of the oil and gas industry and operates in markets across the United States and Canada. Quorum serves its customer base by providing integrated solutions for their core processing needs across the upstream, midstream, and downstream segments of the oil and gas value chain.
“We are excited to partner with Thoma Bravo to advance our strategic goal of ‘shaping the modern energy workplace’ through delivering innovative mobile and cloud-based software platforms and services,” stated Perry Turbes, Chief Executive Officer, Quorum Software.
Turbes continued: “The North American oil & gas industry continues to grow, with a heightened focus on operational efficiencies and maximized capital productivity. Quorum’s comprehensive capabilities across the value chain with advanced technical innovation and deep domain expertise, coupled with our strong brand, positions us well for continued growth. We look forward to benefitting from Thoma Bravo’s expertise in helping companies grow through prudent investment strategies. We are also thrilled to partner with their software industry experts to harness exciting new growth opportunities.”
“Quorum is a pioneer and leader in the energy software market, offering a broad portfolio of mission critical technology solutions to its world-class customer base,” said Scott Crabill, a Managing Partner at Thoma Bravo. “We look forward to working with Perry and the Quorum management team to move the Company into its next phase of growth.”
Credit Suisse is serving as financial advisor to Quorum, and Hogan Lovells is serving as its legal advisor. Macquarie Capital is serving as financial advisor to Thoma Bravo, and Kirkland & Ellis LLP is serving as its legal advisor. Financing for the transaction is being provided by Credit Suisse and Macquarie Capital.
Matthew Gorton
Hiltzik Strategies
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New York, NY 10016
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e: mgorton@hstrategies.com