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“Five years ago, we began exploring all of the financial options to accelerate the ConnectWise mission and our partners’ success. Thoma Bravo was the clear and obvious choice over an Initial Public Offering (IPO) and seven other private equity firms,” Arnie Bellini said. “Thoma Bravo is the premier investor in Software-as-a-Service (SaaS) technology. ConnectWise and Thoma Bravo have co-created a multi-year strategy that is aligned with our mission, vision, culture and partners. With this new relationship we plan to accelerate our partners’ success worldwide.”
Jason Magee, who has been with ConnectWise since 2011, was named COO in 2016. During his tenure as COO, ConnectWise grew at a 21 percent cumulative annual growth rate with more than 81 percent growth in EBITDA.
“Our success has been founded on deep interactions with our partners through our IT Nation events and peer groups. We will continue to invest in our partner community and provide the solutions they need to deliver technology as a service to the world. I believe the Thoma Bravo partnership will accelerate our ability to continually develop the platform our partners need to succeed through acquisitions and innovation,” said Jason Magee.
Bellini said Magee was the obvious choice as his successor. “Jason has more than 20 years of deep industry experience with MSPs and VARs. Because Jason’s been in their shoes, he is committed to ConnectWise’s partners. He will continue driving the passion, culture and innovation that our partners and colleagues expect from us.”
The partnership with Thoma Bravo will advance ConnectWise’s long-term vision and roadmap. Partners can expect innovative cybersecurity solutions, advanced education, go to market tools for the as a service world and a connected ecosystem to drive greater productivity and simplicity.
“Thoma Bravo has long recognised ConnectWise’s position as a leader and pioneer in the Managed Service Provider (MSP) and broader IT services space. For nearly 40 years, the company has been the market leader in providing the most comprehensive integrated software solutions to its community of partners,” said Robert Sayle, Partner at Thoma Bravo. “Under the strong leadership of Arnie and the management team, ConnectWise has innovated and created top tier products and services, and we are thrilled to partner with Jason to enable further success and opportunity for ConnectWise partners.”
Holland & Knight served as the legal advisor to ConnectWise while Raymond James & Associates, Inc. served as the exclusive investment banking advisor to the Special Committee of the Board of Directors, consisting of Steve Raymund and Stan Levy. Kirkland & Ellis LLP served as Thoma Bravo’s legal advisor. Owl Rock Capital provided financing for the transaction.
