Private equity firm Thoma Bravo is acquiring government contractor Deltek in a $1.1 billion all-cash transaction, according to a Deltek press release.
Deltek leadership will remain in place at the Herndon, Va.-based company. Deltek’s stockholders will receive $13 in cash for each share of Deltek stock.
“Deltek’s powerful brand presence in the government contractor, professional services, and project-oriented markets makes it well poised for continued global industry leadership,” said Holden Spaht, Thoma Bravo partner, in a statement. “Thoma Bravo is excited to work with Deltek’s leadership team to accelerate growth of the company through the firm’s proven buy and build strategy.”
Deltek had become known for back-office accounting solutions but in recent years acquired companies to expand its services to include federal IT analysis. In 2010, Deltek acquired Input, a market research firm, for $60 million, and a year later acquired Input’s main competitor, Fedsources and the Washington Management Group.
“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,” said Kevin Parker, Deltek’s president, CEO and chairman of the board, in a statement.