Thoma Bravo is exploring a potential sale of Apryse, a Denver-based document processing software firm, in a deal that could exceed $3bn, according to Reuters sources.

Investment bank Lazard is advising on the sale, with interest already coming from other private equity firms. Thoma Bravo may also retain a minority stake in Apryse as part of any deal.

Apryse, formerly known as PDFTron, offers document creation, editing, and conversion tools for developers of mobile and desktop applications. Its clients include Novartis, Wells Fargo, and DocuSign. The company generates over $100m in EBITDA, with annual growth exceeding 20%. A transaction could value Apryse at 30 times EBITDA or higher.

Since Thoma Bravo’s acquisition of Apryse in 2021 through its Discover platform, the company has pursued an aggressive buy-and-build strategy, completing nine acquisitions to expand its functionality and global presence. These deals include the recent purchase of Dutch digital document processor TallComponents and AI-powered software firm Lead Technologies.

Thoma Bravo’s potential exit from Apryse comes as the firm continues to evaluate portfolio companies for liquidity opportunities, following a period of rapid investment across the technology sector.

Apryse’s co-owners include Silversmith Capital Partners and the company’s management team, who have maintained minority stakes since the 2021 buyout.

Source: Reuters

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