Thoma Bravo has completed its acquisition of Olo, the open software-as-a-service platform widely used by restaurants to manage digital ordering and guest engagement. The all-cash deal, valued at approximately $2 billion in equity, secured shareholder approval earlier this month and immediately transitions Olo into private ownership. Olo’s common stock ceased trading on the NYSE following the close of the transaction.
Under the terms of the agreement, each former Olo shareholder received $10.25 in cash per share. This exit valuation reflects Olo’s transformation from an early innovator in online ordering to a comprehensive digital operations partner for leading restaurant brands.
By moving off the public markets, Olo gains the flexibility to invest in long-term product development and deepen its integration across reservation, delivery, and loyalty channels without the pressures of quarterly reporting.
Thoma Bravo brings extensive experience in scaling enterprise software businesses, having overseen portfolio companies through rapid expansion and strategic acquisitions. The firm plans to work alongside Olo’s leadership team to advance the platform’s roadmap, enhance reliability, and broaden its footprint within both casual dining and quick-service segments.
Private ownership will also enable Olo to pursue new partnerships and roll out advanced analytics and AI-driven tools designed to boost restaurant profitability. The acquisition underscores a broader trend of consolidation in the restaurant technology space, where private equity investors see opportunity in platforms that streamline operations and enhance guest experiences.
Advisors: Goldman Sachs served as the exclusive financial advisor and Goodwin Procter served as legal counsel to Olo. Kirkland & Ellis served as legal counsel to Thoma Bravo.
KEY QUOTES:
“Olo has grown from a pioneer in digital ordering into a world-class platform that helps restaurants engage guests and drive profitable growth. We are excited to continue our ambitious journey with Thoma Bravo. Together, we will take Olo’s mission further by scaling faster and innovating deeper, while continuing to deliver industry-leading reliability and exceptional experiences for restaurants and their guests.”
Noah Glass, Olo’s Founder and CEO
“Olo has built a powerful platform and strong relationships with some of the world’s most iconic and admired restaurants brands. We are excited to support Noah and his team’s vision for the future of Olo and the restaurant technology space. We see enormous potential ahead for them to scale their business, expand their capabilities, and deepen their impact on how restaurants operate and connect with their guests.”
Hudson Smith, a Partner at Thoma Bravo
