Archive · 3 Sep 2026
Thoma Bravo Explores $2 Billion-Plus Foundation Software Sale
Thoma Bravo may sell a company called Foundation Software.
Foundation Software makes computer programs for construction contractors.
Its programs help with accounting, payroll, projects and field work.
The company mainly serves small and midsize specialty contractors.
People familiar with the matter say it could be worth more than $2 billion.
Investment bank William Blair is helping explore possible buyers.
Both private equity firms and other companies have shown interest.
Foundation Software earns more than $200 million in yearly revenue.
Thoma Bravo and the other companies involved have not publicly confirmed the possible sale.
Thoma Bravo is exploring a sale of Foundation Software valued above $2 billion.
William Blair is advising on a process attracting private equity and corporate buyers.
Foundation Software provides accounting, payroll, project management and field-operations software for contractors.
The company generates more than $200 million in annual revenue and over $100 million in EBITDA.
The potential sale follows increased software deal activity and Thoma Bravo’s recent divestitures.
- Who
- Thoma Bravo is exploring a sale of Foundation Software, with William Blair advising; potential buyers include private equity firms and corporate buyers.
- What
- A possible sale of Foundation Software could value the construction software company at more than $2 billion.
- When
- The exploration was reported on September 2; no sale timetable was provided.
- Where
- Foundation Software is based in Strongsville, Ohio, while the report was filed from New York.
- Why
- Improving financing markets and demand for profitable vertical software companies have encouraged more private equity software exits.
- Potential valuation
- More than $2 billion
- Annual revenue
- More than $200 million
- Annual EBITDA
- More than $100 million
- Founded
- 1985
- Acquisition
- Thoma Bravo acquired Foundation Software through a strategic growth investment in 2020.
- Adviser
- William Blair
- Potential buyers
- Private equity firms and corporate buyers