Thoma Bravo, a leading software investment firm, and QAD Inc., a leading provider of next-generation manufacturing and supply chain solutions in the cloud, announced the completion of Thoma Bravo’s acquisition of QAD for approximately $2 billion in cash. The transaction was previously announced on June 28, 2021, and approved by QAD’s stockholders at the Special Meeting of Stockholders held on November 2, 2021.
Subject to the terms of the definitive merger agreement, QAD stockholders will receive $87.50 per share of Class A Common Stock or Class B Common Stock. QAD’s common stock has ceased trading and will be delisted from the Nasdaq stock market.
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“I am very proud of what QAD has achieved since its founding and the momentum we’ve built over the last few years. Now, with Thoma Bravo’s expertise, resources and support, we are well-positioned to build on that momentum, further expand our reach and enhance our value proposition for our customers.”
“The closing of this transaction is an important milestone in QAD’s history, and we are excited to begin the next phase of our company’s evolution,” said Anton Chilton, QAD Chief Executive Officer. “I am very proud of what QAD has achieved since its founding and the momentum we’ve built over the last few years. Now, with Thoma Bravo’s expertise, resources and support, we are well-positioned to build on that momentum, further expand our reach and enhance our value proposition for our customers.”
“This is an outstanding opportunity to work with Anton and the talented QAD team to build on the Company’s strong foundation and take the business to the next level,” said Scott Crabill, a Managing Partner at Thoma Bravo. “Through this partnership, we are committed to investing in QAD’s continued growth, advancing the Company’s vision and driving sustainable value for all stakeholders.”
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Peter Stefanski, a Principal at Thoma Bravo, added, “The rate of change that global manufacturers are currently facing has never been higher. As new partners to QAD, Thoma Bravo is committed to support the Company in its mission to enable its customers to rapidly adapt to disruption and to effectively innovate for competitive advantage.”
Morgan Stanley & Co. LLC served as financial advisor to QAD’s Special Committee, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the Special Committee’s legal counsel. Manatt, Phelps & Phillips, LLP served as legal counsel to QAD. Moelis & Company LLC served as financial advisor and Paul Hastings LLP served as legal counsel to Pamela Lopker.
Barclays served as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Thoma Bravo.