Thoma Bravo has engineered the merger of Conga and Apttus. Terms of the deal are not known, but it seems like Thoma Bravo is taking the lead in the combination. Thoma Bravo acquired Apttus in 2018. However, Insight Partners will retain a significant interest as the lead investor in the original Conga.
Middle Office powerhouse
Conga’s Digital Document generation and transformation and Apttus Middle Office solutions are a natural combination. Combined, the company retaining the name Conga will have around $400 million in GAAP revenue across its different products which include:
- Configure-Price-Quote (CPQ)
- Contract Lifecycle Management (CLM)
- Document Generation
- Process Automation
Matthew J Schiltz, CEO, Conga, announced in a blog that four key things won’t change.
- The combined company will continue to maintain a culture focused on customer success.
- The company will continue as Conga.
- The company will continue to offer innovation and a high level of dedication from its team, delivering five-star customer service.
- The new combined and larger team is dedicated to customer success.
He also revealed he is to step down from the role of CEO in the newly merged company. The new CEO will be Frank Holland, who is currently CEO of Apttus. The leadership team will contain individuals from both organisations in the future. Schiltz will join the board of managers.
Nikitas Koutoupes, Managing Director at Insight Partners, will also join the board of managers. Both Thoma Bravo and Insight Partners retain a material stake in the new business. Terms of the deal were not fully announced.
Holden Spaht, a Managing Partner at Thoma Bravo, commented: “The combination of Apttus and Conga, two leaders in business process transformation, creates a new company with significant scale, a unique set of complementary product offerings and a highly skilled management team with an impressive track record of success. We are excited to continue our partnership with Frank Holland and the combined senior leadership team, and look forward to supporting the go-forward company’s aggressive growth aspirations.”
Enterprise Times: What does this mean
This announcement creates a significant player in the enterprise market that may now be able to challenge the growth of DocuSign. There are a lot of synergies between the two applications. Both Conga and Apttus work with Salesforce and Microsoft ecosystems. Conga also has wider integrations and relationship, such as with SAP. It will be interesting to see whether Apttus now looks to extend its solution to more platforms.
For Thoma Bravo, this is a smart move as it shares the burden of success with Insight Partners. The combined organisation has more than 10,000 enterprise and mid-market customers across the globe. There will be cost savings between the two companies. Holland has recently honed Apttus to have a clear focus going forward. With that work nearly complete, it will be interesting to see how well the two companies around align with each other and whether they can combine and cross-sell their solutions successfully.
Frank Holland, Chief Executive Officer, Conga commented “Apttus and Conga are people-first businesses with core values that fit together seamlessly, and both are fueled by an inherent drive to succeed. Combined, we’ll continue to deliver the same dedication to customer service, innovation and culture as we have in the past. Our mission remains resolute — to ensure customer success and unmatched world-class products and services. Now, we’ll do it together.”