Thoma Bravo has submitted an offer to acquire Clearwater Analytics, becoming the latest private equity firm to pursue a take-private deal for the investment management software provider, according to sources cited by Reuters.

The bid, which would see Clearwater removed from public markets, comes as interest in the company accelerates. Last week, Permira and Warburg Pincus submitted a joint offer, roughly four years after the pair floated Clearwater on the stock market.

Sources said details of Thoma Bravo’s offer were not disclosed, and cautioned that neither bid is guaranteed to lead to a sale. Clearwater did not respond to requests for comment, and Thoma Bravo declined to comment.

Clearwater, based in Boise, provides software that helps insurers, asset managers, hedge funds, and banks manage investment portfolios spanning public and private markets. The company listed in 2021 at a valuation of $5.5bn and had a market capitalisation of about $5.7bn as of Monday.

Its shares have come under pressure this year as investors reassess software valuations and weigh how advances in artificial intelligence may affect companies operating subscription-based models.

The competing offers underscore continued private equity appetite for cash-generative software firms that support financial institutions, even as public market valuations for the sector remain volatile.

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