Private equity firm Thoma Bravo LP said on Tuesday it has agreed to acquire workplace software firm Calabrio Inc from KKR & Co Inc. Terms of the deal were not disclosed but people familiar with the matter said the deal values Calabrio at more than $1 billion, including debt. KKR paid $200 million to acquire Calabrio in 2016.

Minneapolis, Minnesota-based Calabrio provides a cloud-based software that allows companies like Netflix Inc and Shopify Inc track and analyze customer service data generated from their contact centers. Calabrio grew its recurring revenue to nearly 80% of total revenue, up from just 30% about four years ago when it was acquired by KKR, Thomas Goodmanson, its chief executive officer said in an interview.

Thoma Bravo is one the largest software-focused private equity firms with $77 billion in assets under management. Its portfolio companies include information technology services provider SolarWinds Corp and cybersecurity firm McAfee Corp.


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Source: Reuters

Reporting by Chibuike Oguh in New York; Editing by David Gregorio