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Thoma Bravo to Acquire Restaurant Tech Firm Olo in $2 Billion Deal

By  |  July 3, 2025

Thoma Bravo has reached an agreement to acquire Olo Inc., a restaurant software provider, for approximately $2 billion, marking another major move by private equity firms in a robust M&A environment.

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    The deal, which values Olo at $10.25 per share in cash, represents a 65% premium over the company’s closing price on April 30. That date is significant, as it came just before Bloomberg reported that Olo was considering a sale and had enlisted the help of an adviser.

    According to Bloomberg, the acquisition underscores the continued appetite among private equity firms to invest in technology companies, even amid a buoyant equity market. The transaction is the latest example of buyout firms finding value in the software sector, particularly in companies catering to niche industries like hospitality.

    Founded in 2005 and headquartered in New York, Olo provides digital ordering and delivery solutions to over 750 restaurant brands, including Denny’s Corp. and PF Chang’s China Bistro Inc. Its investors have included notable names such as restaurateur Danny Meyer and The Raine Group.

    Related: Boeing to Sell Key Digital Aviation Units to Thoma Bravo in $10.55 Billion Deal

    Olo Chairman Brandon Gardner stated that the company’s strong position in the market helped secure a premium price, and the board believes the deal is in the best interest of shareholders.

    Private equity firms have played a significant role in this year’s rebound in global merger and acquisition activity. Per Bloomberg, acquisitions led by buyout firms have risen 11.7% year-to-date, reaching $580 billion compared to the same period last year.

    The transaction is expected to close by the end of 2025, pending customary approvals.

    Source: Bloomberg