In this episode of Thoma Bravo’s Behind the Deal, Managing Partner Holden Spaht and Partner Brian Jaffee revisit the take-private and sale of Ellie Mae — a leading U.S. mortgage loan origination system — and how a $3.7B investment became an $11B exit to Intercontinental Exchange (ICE) just over a year later.
They break down the original investment thesis, the operational playbook, pricing and packaging strategy, and the M&A decisions that drove one of the firm’s landmark exits — including the rare “reverse re-trade” that moved the final agreement from $10B to $11B.
For more information on Thoma Bravo’s Behind the Deal, visit https://www.thomabravo.com/behindthedeal
Learn more about Thoma Bravo: https://www.thomabravo.com/
Learn more about Ellie Mae (now ICE Mortgage Technology): https://mortgagetech.ice.com/
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Certain statements about Thoma Bravo made by portfolio company executives are intended to illustrate Thoma Bravo's business relationship with such persons rather than Thoma Bravo's capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their podcast participation, although they generally received compensation and investment opportunities in connection with their portfolio company roles and in certain cases are also owners of portfolio company securities and or investors in Thoma Bravo funds. Such compensation and investments subject podcast participants to potential conflicts of interest. In addition, this podcast includes forward-looking statements. These statements are based on current expectations and assumptions and involve significant risks and uncertainties that could cause actual results to differ materially.
