Olo to be acquired by Thoma Bravo for $2bn

September 2025 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

September 2025 Issue

In a transaction aimed at accelerating growth and enhancing offerings for restaurant brands globally, restaurant technology provider Olo is to be acquired by private equity (PE) and growth capital firm Thoma Bravo in an all-cash deal valued at approximately $2bn.

Under the terms of the definitive agreement, Olo shareholders will receive $10.25 per share in cash, representing a 65 percent premium over Olo’s unaffected share price of $6.20 as of 30 April 2025, the last trading day prior to media reports of a potential transaction.

Following completion, Olo will become a privately held company.

Founded in 2005, Olo is a leading provider of digital ordering, payment and guest engagement solutions for the restaurant industry. Its platform processes millions of transactions daily and consolidates data into a single source, enabling restaurants to better understand and serve their guests. Olo currently supports over 750 restaurant brands across 88,000 locations and maintains a network of more than 400 integration partners.

“Over the last 20 years, we have built Olo into the market leader in digital ordering for restaurants, while also expanding into payments and guest engagement to help restaurant brands aggregate and activate guest data to drive profitable traffic,” said Noah Glass, founder and chief executive of Olo. “By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision of helping our customers create a world where every restaurant guest feels like a regular.”

Thoma Bravo, one of the world’s largest software-focused investors with approximately $184bn in assets under management, invests through PE, growth equity and credit strategies in innovative, growth-oriented companies in the software and technology sectors. Over the past two decades, the firm has acquired or invested in around 535 companies, representing approximately $275bn in enterprise value.

“We are thrilled to be joining the Olo team at this exciting stage of their journey,” said Hudson Smith, a partner at Thoma Bravo. “The incredible platform and deep customer relationships they have built over the last two decades make them an ideal investment for us. We look forward to supporting them as they capitalise on the significant opportunities in the hospitality sector and work to achieve their impressive vision.”

The transaction, unanimously approved by Olo’s board of directors, is expected to close by the end of 2025, subject to customary closing conditions, including shareholder and regulatory approvals. Notably, shareholders representing more than 75 percent of Olo’s voting power have already committed to vote in favour of the transaction, significantly increasing the likelihood of a smooth approval process.

The deal also includes provisions for equity awards. In-the-money options and vested restricted stock units (RSUs) and performance stock units (PSUs) will be cashed out. Unvested RSUs and PSUs will convert into cash replacement awards, contingent on continued service.

Upon completion, Olo’s common stock will no longer be listed on any public stock exchange. The company will continue to operate under the Olo name and brand.

Goldman Sachs is acting as exclusive financial adviser to Olo, with Goodwin Procter LLP serving as legal counsel. Kirkland & Ellis LLP is acting as legal counsel to Thoma Bravo.

Peter Hernandez, senior vice president at Thoma Bravo, concluded: “We see tremendous potential ahead and are incredibly excited to work with Olo on strategic and operational initiatives to help accelerate growth and strengthen their position as an essential partner to restaurants everywhere.”

Olo’s leadership has reaffirmed its long-term strategy of delivering “hospitality at scale”, a vision that will remain central to its operations as a private company under Thoma Bravo’s ownership.

Fraser Tennant