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Vista, Thoma Bravo give Compuware a second look

21 Mar 2014

software binary code computerPrivate equity firms Vista Equity Partners and Thoma Bravo are reportedly reviewing software group Compuware’s finances.

This doesn’t mean that a sale is imminent and no active negotiations are currently underway, said Bloomberg, citing people with knowledge of the matter.

Companies that sell software to businesses have the potential to generate high margin and could be seen as a turnaround opportunity, said one of the people.

Compuware’s EBITDA margin is just over 16.4 per cent compared to the average of 23 per cent at 13 of its US peers, said Bloomberg.

Compuware turned down a $2.3bn buyout offer from hedge fund group Elliott Management Corporation in January last year and later received approaches from Vista and Thoma Bravo, which did not lead to a deal.

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