Sep 20, 2021
HCSS Acquired by Thoma Bravo
HCSS, supplier of estimating, operations, and fleet management software, today announced that it has entered into a definitive agreement to be acquired by software investment firm Thoma Bravo.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the fourth quarter of 2021. Financial terms of the transaction were not disclosed. HCSS has been privately owned for 35 years, and HCSS’s employees own 32 percent of the company through an ESOP.
“Thoma Bravo is the ideal strategic partner for HCSS because of their expertise and focus, but also because of their long-term perspective,” said Steve McGough, President and CFO of HCSS. “It’s the combination of the cultural fit and alignment and their track record of success in helping market-leading businesses drive new levels of growth and maturity that makes this such an exciting partnership.”
Thoma Bravo, whose construction portfolio companies include Command Alkon, will help HCSS continue to innovate, while boosting investment in key areas of the company. Customers can expect to see innovation and more efficiencies in supply chain software that provides information faster and reduces administrative work and errors, according to HCSS.
“Through this partnership and the innovation and growth it will deliver, my vision is that foremen, superintendents and project managers will be able to easily order materials from the HCSS applications they already use and track the status of those materials at all times through final placement,” said Mike Rydin, Founder and CEO of HCSS. “While we have sustained double digit annual growth for more than 20 years, Thoma Bravo’s knowledge of international markets will accelerate growth for all our product suite on a global scale.”
“It’s a special moment for us when we have a chance to steward a legacy the likes of which has been created by Mike and his team at HCSS,” said A.J. Rohde, a Senior Partner at Thoma Bravo. “The heavy construction market is poised to undergo its most significant historical change in both innovation and industry investment, and we can’t wait to see what we can do together with HCSS to enable their customers to stay ahead.”