Thoma Bravo Plans to Make a New Equity Investment in the Company and Maintain a Significant Minority Interest. TPG and Thoma Bravo Expect to Work Together to Accelerate the Company's Digital Process Automation Success.
BELLEVUE, Wash.—Nintex, the global standard for process management and automation, today announced a definitive agreement to sell a majority stake in the company to TPG Capital, the private equity platform of global alternative asset firm TPG. Across its platforms, TPG has invested in leading software companies including C3 AI, Planview, ThycoticCentrify, WellSky, and Zscaler. Nintex's current majority investor, Thoma Bravo, a leading software investment firm, plans to make a new equity investment in the company and maintain a significant minority interest. The transaction is expected to be completed by the end of 2021, subject to customary closing conditions.
Nintex is a strong, growing business that offers the most powerful, easy-to-use, and complete platform in the digital process automation industry. The company expanded its process solution capabilities from digital forms and workflow to its next-generation cloud platform with intelligent forms, advanced workflows, digital document generation, eSignatures, and robotic process automation (RPA). Nintex also provides the industry's most powerful process management solution through Nintex Promapp®, its collaborative solution for intuitively capturing, mapping, documenting and supporting all kinds of organizational work processes.
"In today's landscape, digital process automation and management are critical to any company's ability to work effectively and efficiently," said Nehal Raj, Co-Managing Partner of TPG Capital. "The automation of the enterprise is a core investment theme for our software team, and we believe Nintex is at the forefront of enabling this transformation. While the company serves thousands of organizations today, we believe they are only scratching the surface in terms of the breadth of departmental and industry process solutions needed. We look forward to working with the teams at Nintex and Thoma Bravo to accelerate the company's growth."
"It is an exciting day for every member of the Nintex global community," said Nintex CEO Eric Johnson. "Our mission continues to focus on improving the way people work through process management and automation, and with the support of leading software investors like TPG Capital and Thoma Bravo, the future of Nintex is extraordinarily bright. It is a mission-critical time to be a part of the worldwide automation movement and we can't wait to further delight our customers and partners with continued product innovation and valuable programs that fuel their ongoing success."
An Unwavering Commitment to Customer Success
Today, hundreds of partners and more than 10,000 organizations across state, local and federal governments, and major industries like healthcare, financial services, technology, and manufacturing turn to Nintex Process Platform to accelerate digital transformation and business outcomes. The platform's complete process mapping and automation capabilities help thousands of IT teams, operations professionals, business analysts and app developers manage, automate, and optimize business processes across departments and industries in faster and more fluid ways.
During the nearly four years of Thoma Bravo's majority sponsorship, Nintex delivered strong organic innovation and completed four strategic acquisitions that significantly expanded the breadth and depth of its digital process solutions. It acquired a visual cloud-based process mapping and management solution offered today as Nintex Promapp®, which includes easy, one-click generation of workflows through the Nintex Workflow Cloud; a robotic process automation (RPA) tool known as Nintex RPA featured in the 2021 Gartner® Magic Quadrant™ for RPA; complementary workflow and process automation technologies including sophisticated app development tools known as Nintex K2 Five and Nintex K2 Cloud; and, most recently, a secure electronic signature solution offered today as Nintex AssureSign.
"We are thrilled with the pace of innovation, operational rigor, and financial results delivered by Nintex over the last few years," said Hudson Smith, a Partner at Thoma Bravo. "From product engineering to marketing, sales, and customer success, Nintex has been laser focused on what matters most – ensuring the success of everyone leveraging Nintex software to improve and automate business. We're very optimistic about Nintex's future and look forward to our continued partnership with the company."
The Nintex Process Platform has been recognized by several independent research firms, including Forrester Research1, Aragon Research2, 451 Research3 and IDC,4 as a leader in the following categories: digital process automation (DPA), digital transaction management (DTM), workflow and content automation (WCA), intelligent process automation (IPA), digital business platform (DBP), and digital automation platform (DAP). Companies like Zoom Video Communications, Inc., Coca-Cola Beverages Florida, LLC, AstraZeneca, and Nationwide leverage Nintex's solutions to turn manual and repetitive work processes typically done over paper or email into streamlined, strategic digital workflows, with intelligent forms, RPA and eSignatures.
In partnership with TPG Capital, Nintex will invest more R&D resources in its market-leading automation solutions, expand its go-to-market programs, and continue adding complementary process technologies to support demand for its software platform. Nintex is hiring additional talent in engineering, product management, marketing, sales, and customer success. Today, the company has more than 850 team members around the world who have embraced remote and hybrid work models and are committed to ensuring Nintex continues to be a great place to work.
Morgan Stanley & Co. LLC is serving as financial advisor to TPG Capital. BofA Securities is serving as lead financial advisor and Macquarie Capital is serving as co-financial advisor to Nintex. Debt financing for the transaction is being provided by Blackstone and Thoma Bravo Credit. Ropes and Gray is serving as legal counsel to TPG Capital, Kirkland & Ellis is serving as legal counsel to Thoma Bravo, and Wilson Sonsini as legal counsel to Nintex.
1 – The Forrester Wave™: Digital Process Automation for Wide Deployments, Q1 2019
2 – The Aragon Research Globe™ for Digital Transaction Management, 2021; The Aragon Research Globe™ for Digital Business Platforms, 2021; The Aragon Research Globe™ for Workflow and Content Automation, 2021
3 – 451 Research Pathfinder Report: Process Discovery, Automation & Intelligence, Essential Technologies for Digital Business, 2019
4 – IDC: Worldwide Intelligent Process Automation Software Forecast, 2021-2025 – Doc # US48015622
Nintex is the global standard for process management and automation. Today more than 10,000 public and private sector organizations across 90 countries turn to the Nintex Platform to accelerate progress on their digital transformation journeys by quickly and easily managing, automating and optimizing business processes. Learn more by visiting www.nintex.com and experience how Nintex and its global partner network are shaping the future of Intelligent Process Automation (IPA).
TPG is a leading global alternative asset firm founded in San Francisco in 1992 with $108 billion of assets under management and investment and operational teams in 12 offices globally. TPG invests across five multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions. TPG aims to build dynamic products and options for its clients while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com or @TPG on Twitter.
About Thoma Bravo
Thoma Bravo is one of the largest private equity firms in the world, with more than $83 billion in assets under management as of June 30, 2021. The firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging the firm's deep sector expertise and proven strategic and operational capabilities, Thoma Bravo collaborates with its portfolio companies to implement operating best practices, drive growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings. Over the past 20 years, the firm has acquired more than 325 companies representing over $100 billion in enterprise value. For more information, visit thomabravo.com.
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