Burlington-based software firm Everbridge is gearing up to leave the public market in a hefty $1.5 billion acquisition by Chicago's private equity firm Thoma Bravo. With shareholders billed to get $28.60 a pop, this payday is a solid 20% premium on Everbridge's last closing price. The tech firm, with hands in the emergency notification cookie jar worldwide, is looking to sign off the deal in the second quarter of 2024, as reported by a source.
But, it's not been all roses and sunshine for Everbridge. Despite its impressive track record, what with about 6,500 clients including some big-shot corporations, the company has been scratching its head over consistent profitability. Their loss report reads like a cry for help, bleeding $61 million in 2022, and tossing another $28 million down the drain in the first three quarters of the next year. Toss in a lost contract with Florida, a bit of downsizing, and a shuffle at the CEO's desk, and you've got the full picture, according to the same source.
Everbridge has been recognized as a Leader in The Forrester Wave™ report. The firm's genius at critical event management snagged them the highest marks possible in 15 criteria, including orchestration and automation, as detailed on their website. They've got a knack for helping organizations stay a step ahead of disaster, acting fast, and bouncing back with some swag.
Thoma Bravo, with a chest of $134 billion managed as of last fall, and a history of over 455 buyouts since 2008, smells opportunity where others see trouble, and right now they're smelling it around Everbridge, as described by a source. The firm digs software companies, and, if Everbridge's shop-around for a better offer in the next 25 days ends up with zilch, they'll be ringing the wedding bells soon.
