Ellie Mae: The $3.7B Take-Private That Became an $11B Exit

Episode notes

In this episode of Thoma Bravo’s Behind the Deal, Managing Partner Holden Spaht and Partner Brian Jaffee revisit the take-private and sale of Ellie Mae - a leading U.S. mortgage loan origination system - and how a $3.7B investment became an $11B exit to Intercontinental Exchange (ICE) just over a year later. They break down the original investment thesis, the operational playbook, pricing and packaging strategy, and the M&A decisions that drove one of the firm’s landmark exits - including the rare “reverse re-trade” that moved the final agreement from $10B to $11B. For more information on Thoma Bravo’s Behind the Deal, visit Learn more about Thoma Bravo: Learn more about Ellie Mae (now ICE Mortgage Technology): Disclaimer: This podcast is for informational purposes only and does not constitute an advertisement. Views expressed are those of the individuals and not necessarily the views of Thoma Bravo or its affiliates. Thoma Bravo funds generally hold interest in the companies discussed. This podcast should not be construed as an offer to solicit the purchase of any interest in any Thoma Bravo fund.

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