Technology
Thoma Bravo acquiring Olo for $2B
July 7, 2025
Olo Inc., an open SaaS platform serving over 750 restaurants, has entered a definitive agreement to be acquired by Thoma Bravo, a software investment firm, in an all-cash transaction valuing Olo at $2 billion.
"Over the last 20 years, we've built Olo into the market leader in digital ordering for restaurants, while also expanding into payments and guest engagement to help restaurant brands aggregate and activate guest data to drive profitable traffic," Noah Glass, Olo's founder and CEO, said in a company press release. "By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision of helping our customers create a world where every restaurant guest feels like a regular."
Olo shareholders will receive $10.25 per share in cash, representing a 65% premium over Olo's unaffected share price of $6.20 as of April 30, 2025, the last trading day before media reports surfaced about a potential transaction.
"It's been amazing to watch the growth and evolution of Olo over the years," Brandon Gardner, chair of Olo's Board, said in the release. "Noah's vision and tenacity have created the leader in digital ordering, empowering restaurants to better and more efficiently serve their customers. The company's strong market position has allowed us to achieve a significant premium through this transaction, and the Board unanimously believes that this is in the best interest of our shareholders."
Hudson Smith, a Partner at Thoma Bravo, agreed.
"The incredible platform and deep customer relationships they've built over the last two decades make them an ideal investment for us," he said in the release. "We look forward to supporting them as they capitalize on the significant opportunities in the hospitality sector and work to achieve their impressive vision."
Peter Hernandez, a SVP at Thoma Bravo, said Glass was a visionary who helped create a digital ordering category for restaurants that has earned the trust of many of the world's most iconic restaurant brands.
"We see tremendous potential ahead and are incredibly excited to work with Noah and his team on strategic and operational initiatives to help Olo accelerate growth and strengthen their position as an essential partner to restaurants everywhere," he said in the release.
The transaction, unanimously approved by Olo's Board of Directors, is expected to close by the end of 2025, pending customary closing conditions, including shareholder and regulatory approvals. Olo common stock will be delisted from public exchanges upon completion, but the company will continue to operate under its current name and brand.
Goldman Sachs is serving as Olo's exclusive financial adviser, with Goodwin Procter LLP as legal counsel. Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo.
