Thoma Bravo, a private equity firm focusing on software, has acquired a majority stake in email vendor Mailgun Technologies, Inc. from Turn/River Capital, the company announced on Monday. Terms
were not disclosed.
Turn/River and the company's management team will retain a minority ownership stake, the company says.
Mailgun was spun off from Rackspace Technologies in 2017 in a
deal valued at $50 million, with the funding round led by Turn/River. The firm had been acquired by Rackspace in 2012.
The partnership with Thoma Bravo will give Mailgun “the capital and
operational expertise needed to continue growing our company, expanding our product suite, and building upon a truly comprehensive developer-focused offering," states Mailgun CEO Will Conway.
Mailgun provides email API technology to over 150,000 companies, including Lyft, GitHub and Iterable. The automated tool allows developers to send, receive and track email from within their
applications and keep their email out of the spam folder, the firm says.
The firm’s technology supports deliverability of several types of emails, including transactional and marketing,
the company claims.
Thoma Bravo has previously made infrastructure software investments in firms such as Dynatrace, Embarcadero, Flexera, Kofax, and Solarwinds.
Mailgun was advised
by William Blair & Company and Choate, Hall & Stewart LLP, and Thoma Bravo by Harris Williams LLC and Goodwin Procter LLP.