Thoma Bravo to Explore $2 Billion Sale of Compuware

(Bloomberg) -- Thoma Bravo is exploring options including a potential sale of Compuware Corp. that could value the mainframe software provider at around $2 billion, including debt, according to people familiar with the matter.

The technology-focused private equity firm is working with a financial adviser on the sales process, said the people, asking not to be identified because the matter is private. No final decision has been made, and the firm could decide to keep the asset, the people said.

A representative for Thoma Bravo declined to comment. A representative for Compuware didn’t immediately respond to requests for comment.

Thoma Bravo took Compuware private in 2014 in a deal valued at $2.5 billion. It carved out Compuware’s application performance management division, renamed it Dynatrace Inc. and took it public last year.

While mainframe computers aren’t a growing industry, many companies still use them and need software to run them. Compuware’s customers include Walmart Inc., Cigna Corp. and CVS Health Corp., according to its website.

Thoma Bravo is considering raising a new $15 billion fund in 2020 after gathering $12.6 billion for its latest pool last year, people familiar with the matter said in October.

To contact the reporters on this story: Crystal Tse in New York at ctse44@bloomberg.net;Ed Hammond in New York at ehammond12@bloomberg.net

To contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew Monks

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