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Thoma Bravo joins PeakEquity, C&B with Grayshift investment

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Software-focused private equity house Thoma Bravo has bought into digital forensics solutions provider Grayshift subject to the receipt of regulatory approvals.

Existing investors PeakEquity Partners and C&B Capital will remain as shareholders in the company.

Grayshift builds forensic software for public safety agencies to resolve lawful investigations. Its flagship technology GrayKey can be deployed to secure evidence from mobile devices in a safe and compliant manner.

Hudson Smith, partner at Thoma Bravo, said, “We’re excited to work alongside Grayshift’s dedicated and experienced team to support continued growth and innovation.

“We fully support Grayshift’s mission to empower governments to more quickly, safely, and compliantly analyze data to better serve their constituents. Further, we see tremendous opportunity to broaden the company’s software solutions to streamline and modernize the integral work done by governmental and other public sector employees.”

Thoma Bravo is in the market raising its fifteen flagship fund. It has collected  a $100m commitment from PennSERS and up to $150m from the Texas County & District Retirement System in the past two months.

It also secured $45m from Maine Public Employees Retirement System last week for Discover Fund IV. The fund, which closed above target on $5bn last month, is focused on smaller investments than the firm’s main vehicle.

The firm raised $3.9bn for its third Discover Fund in late 2020, at the same time as closing Fund XIV on $17.8bn.

The firm slashed the takeover offer for Anaplan by 10% to $9.6bn earlier in the month to “resolve a disagreement between the parties regarding compliance with certain terms of the merger agreement.”

It agreed the original $10.7bn all cash deal to take Anaplan private in March, representing a premium of 46%.

The Thoma Bravo deal followed that from fellow buyout house PAI Partners which agreed to acquire UK-headquartered dispute resolution consultancy HKA from Bridgepoint last month.

HKA provides services including expert, claims and advisory for the capital projects and infrastructure sector. It also added new lines of services including forensic technical services and forensic accounting and commercial damages.

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