UK buyout house Permira has agreed to invest in Thoma Bravo’s reimbursement software portfolio business Motus.
Thoma Bravo will reinvest and remain a significant investor in the company.
Established in 2004, Motus provides reimbursement and management software for vehicle, device and remote work costs using the IRS-approved fixed and variable rate reimbursement methodology. It services 280,000 users including Papa John’s, Kellogg Company and Coco-Cola Bottling Company United.
John Mulflur, principal at Permira said, “Motus is a dynamic US market leader with a compelling value proposition, leveraging its best-in-class, compliance-driven solutions that help companies optimize mobile workforces across all industries.
“Thanks to its foundation of innovative technology and customer loyalty, Motus is well-positioned to capitalize on the growing needs of businesses as employees work more flexibly than ever before. Permira’s proven experience in both telematics and workflow digitization sees us well placed to accelerate growth at Motus.”
Permira was reported in June to be back in the fundraising market eyeing about $2.5bn for its second growth fund. The firm collected $1.7bn for the final close of its debut Permira Growth Opportunities fund two years ago.
It collected €11bn for Permira VII towards the end of 2019, marking a massive jump from the €7.5bn it gathered for its predecessor vehicle just two years earlier.
Reports began emerging in May that the firm was already prepping for its Fund VIII raise, which could collect more than $15bn.
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