Manatron (MM) (NASDAQ:MANA)
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Thoma Cressey Bravo (“TCB”),
a leading private equity investment firm, has acquired Manatron,
Inc. (NASDAQ:MANA)
a leading provider of integrated, enterprise-level property tax
solutions for state and local governments, in a transaction valued at
approximately $66 million.
Under the terms of the agreement, the shareholders of Manatron, Inc. (“Manatron”)
receive $12.00 in cash in exchange for each share of stock. Manatron is
no longer publicly traded and is now privately owned by an affiliate of
Thoma Cressey Bravo.
“With more than 38 years of experience and
proven success in this market, Manatron is well poised to become the
clear market leader,” said Scott Crabill,
partner, TCB. “Thoma Cressey Bravo will work
closely with Manatron’s management team to
further build and grow the company as the leader in property tax
software and related products and services.”
“Thoma Cressey Bravo intends to strengthen
Manatron’s market leadership through
investment in Manatron’s GRM®
suite of software and strategic acquisitions,”
added TCB principal Holden Spaht.
“This is a very exciting time for Manatron,
our employees, and our clients,” said Bill
McKinzie, Manatron president and CEO. “TCB
has a proven business model and track record of investing in and growing
software companies. During the past five years, TCB has closed 34
software company acquisitions with an aggregate value in excess of $3
billion, making them one of the most active middle market software
investment firms. TCB was very impressed with Manatron’s
rich history in the property software market, our solid list of
customers, and our market-leading software and services. The entire
management team is looking forward to working with TCB as we grow this
company.”
Wells Fargo Foothill, part of Wells Fargo & Company (NYSE:WFC), provided
debt financing for the acquisition. First Analysis Securities
Corporation advised Manatron’s Board of
Directors, Warner Norcross & Judd LLP provided legal counsel to
Manatron, Inc., and Kirkland & Ellis LLP provided legal counsel to Thoma
Cressey Bravo.
About Manatron, Inc.
Manatron is focused on providing software and services to enable state
and local governments in North America to completely, fairly and
efficiently assess real and personal property, and to bill and collect
the related property taxes in their jurisdictions. The Company’s
software manages the entire property life cycle, which includes deed
recording, land records, GIS (Geographic Information System)
integration, valuation, assessment administration, personal property,
business licenses, cashiering, tax billing and collection, delinquents
and tax sales, and e-government. Manatron is headquartered in Portage,
Michigan and has offices located across the United States. Manatron
currently serves approximately 1,400 customers in 40 states, two
Canadian territories, South Africa and the U.S. Virgin Islands. More
information about Manatron, Inc. can be found at http://www.manatron.com.
About Thoma Cressey Bravo
Thoma Cressey Bravo is a leading private equity investment firm that has
been providing equity and strategic support to experienced management
teams building growing companies for more than 27 years. The firm
originated the concept of “industry
consolidation” or “build
and buy” investing, which seeks to create
value through the strategic use of acquisitions to accelerate business
growth. Through a series of private equity funds, Thoma Cressey Bravo
currently manages approximately $2.0 billion of equity capital. In the
software industry, Thoma Cressey Bravo has completed 34 acquisitions
across 12 platform companies with total annual earnings in excess of
$500 million. Thoma Cressey Bravo previously announced that subsequent
funds would be raised and invested separately as Thoma Bravo for
software, services and other investments and Cressey & Co. for
healthcare investments. For more information on Thoma Cressey Bravo,
visit http://www.tcb.com.