Thoma Bravo's Behind the Deal How a Take-Private is Empowering Bottomline to Further Revolutionize B2B Payments
Mar 14, 2024
Thoma Bravo Partner Brian Jaffee discusses the challenging take-private of Bottomline with CEO Craig Saks. Topics include optimizing cash flow, fintech trends, and transitioning to a private company. They highlight the shift from paper checks to digital payments and the impact on GDP.
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Long-Term Relationship
- Thoma Bravo cultivated a relationship with Bottomline's CEO for years before acquiring the company.
- This pre-existing relationship proved advantageous during the acquisition process.
Succession Planning
- Succession planning is crucial, especially in acquisitions.
- Thoma Bravo identified and onboarded Craig Saks as CEO before the deal closed, ensuring a smooth transition.
Commitment
- Craig Saks's commitment was evident in his willingness to participate in due diligence calls at 2 AM.
- This dedication impressed Thoma Bravo and solidified their confidence in him.