Thoma Bravo has agreed to acquire Verint Systems in a $1.23bn all-cash transaction, marking its latest move in a string of major software deals this year.

Under the terms, Verint shareholders will receive $20.50 per share, representing a 13% premium to the company’s closing share price on June 25, and valuing the company at about $2bn including debt. The deal is expected to close by the end of the fiscal year.

Thoma Bravo intends to combine Verint with its existing portfolio company Calabrio, a workplace management software provider, creating a larger platform in customer service automation.

Verint, which serves some 10,000 clients in over 175 countries, describes itself as a leader in customer experience automation. In 2021, it completed the spinoff of Cognyte Software, now a separately listed company focused on investigative analytics.

The acquisition underscores Thoma Bravo’s aggressive dealmaking this year. Just days before announcing the Verint takeover, the firm sealed a $12.3bn agreement for Dayforce. Other recent deals include a $10.6bn purchase of Boeing’s flight navigation unit and digital assets, and a $2bn acquisition of restaurant software maker Olo.

Co-founder Orlando Bravo has said that President Donald Trump’s trade war has created a period of “dislocation” in markets, offering private equity firms like Thoma Bravo a rare window for large-scale acquisitions.

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