Deltek Inc., a leading market research and business management company, announced today that it has been bought by private equity firm Thoma Bravo for roughly $1.1 billion.
Deltek, which is now publicly traded, will be privately held under the deal. Deltek’s stockholders will receive $13 in cash for each share when the transaction closes, the company said in a news release. Deltek’s board of directors and its largest shareholder, New Mountain Capital, approved the acquisition.
Deltek, which earned $341 million last year and has more than 1,600 employees, provides services to 98 of the top 100 federal contractors. The company’s revenues increased more than 20 percent between 2010 and 2011 — a likely result of Deltek’s acquisition of INPUT, a business development company, in September 2010 and the Washington Management Group, with its FedSources market research and consulting components, in April 2011.
“Over the past seven years, we have successfully executed our long term plans for Deltek to enter new markets, grow internationally, and expand our industry-leading solutions for project-based companies,” Deltek President, CEO and chairman of the board Kevin Parker said in the announcement. “Throughout our journey, New Mountain Capital gave us outstanding support and was instrumental in building the Deltek of today. We’re very excited about the opportunity to continue Deltek’s successful journey in partnership with Thoma Bravo.”
The transaction is subject to customary closing conditions and regulatory approvals but is anticipated to close by the end of 2012. Deltek will continue to be based in Herndon, Va. and led by its existing senior management team.