In a special meeting on Nov. 2, shareholders of QAD approved the Santa Barbara-based software company’s pending acquisition by Thoma Bravo, a deal QAD said should close “within the coming days.”
The private equity firm is buying QAD in a $2 billion all-cash deal announced by the companies on June 28. When the transaction closes, Thoma Bravo will pay QAD shareholders $87.50 for each share, which represents a 20% premium over the share value the day before the deal was announced.
In a Nov. 2 company news release, QAD CEO Anton Chilton called the shareholder vote “another important step toward completing the transaction with Thoma Bravo and beginning QAD’s next chapter as a private company.”
QAD provides cloud software to the manufacturing industry. It has a market capitalization of around $1.8 billion, making it the sixth largest publicly traded company in Santa Barbara County.
Thoma Bravo is a private equity firm headquartered in San Francisco and focused on the software sector. It already owns J.D. Power & Associates, the consumer products rating company based in Westlake Village, which it acquired in 2019.