What the $6B Coupa Acquisition Means for Software Startups
Tom Tunguz
DECEMBER 11, 2022
This morning, Coupa announced its sale to Thoma Bravo for $6.2b. The acquisition is notable for three reasons. First, the premium to the public price is 31%. Second, the multiple is 8.4x NTM revenues. Both of these data points imply public multiples have room to grow. Third, it’s the most substantive acquisition to announce this year after Figma’s announced its sale to Adobe.
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