Thoma Bravo has agreed to acquire Olo, a restaurant software provider, in a $2bn all-cash deal that values the company at $10.25 per share. The offer represents a 65% premium to Olo’s share price prior to reports of a potential sale, according to Bloomberg.

Founded in 2005 and based in New York, Olo supports more than 750 restaurant brands, including PF Chang’s and Denny’s. Its backers include notable investors such as Danny Meyer and The Raine Group.

Olo’s board has unanimously approved the transaction, citing both the significant premium and the long-term value it offers shareholders. The deal is expected to close by the end of the year.

This agreement comes as private equity-led M&A activity gains momentum, with $580bn in transactions year-to-date — up nearly 12% compared to the same period last year.

Source: Bloomberg 

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