By Nicola Leske and Greg Roumeliotis
NEW YORK Dec 5 Private equity firm Thoma Bravo LLC is exploring a sale of two of its portfolio companies, Hyland Software Inc and LANDesk Software Inc, which could collectively be worth more than $2 billion, according to people familiar with the matter.
Thoma Bravo is working with Goldman Sachs Group Inc to explore a sale of Hyland, which could be worth more than $1.2 billion based on annual earnings, before interest, tax, depreciation and amortization (EBITDA) of around $80 million, the people said.
Separately, Thoma Bravo is exploring a sale of LANDesk that also has EBITDA of around $80 million and could fetch up to 10 times that amount, the people said.
The people asked not to be identified because the sale processes are confidential. Thoma Bravo declined to comment, while LANDesk and Goldman Sachs did not respond to requests for comment.
"Hyland Software is not in the process of selling the company or a significant stake in the company," Hyland spokesman PJ Carter wrote in an email. He did not respond to repeated questions about whether Thoma Bravo itself is looking to sell its stake and whether the private equity firm has been soliciting offers for the whole company or its stake.
Hyland provides enterprise content management software to corporate clients. Thoma Bravo acquired a 58 percent stake in the Westlake, Ohio-based company for $265 million in 2007, according to a press report posted on the buyout firm's website.
LANDesk makes systems to integrate control over corporate computers and mobile devices, competing with Symantec Corp , BMC Software Inc and Microsoft Corp. Thoma Bravo acquired Salt Lake City-based LANDesk from Emerson Electric Co in 2010 for an undisclosed amount.
Thoma Bravo, a San Francisco-based private equity firm with more than $4 billion in assets, has seen big profits selling companies, culminating in the $1.65 billion agreement this week to sell mobile banking company Digital Insight Inc to NCR Corp , just four months after it bought it from Intuit Inc for $1.01 billion.
Last week, Thoma Bravo said it would sell traffic management company Roadnet Technologies Inc to peer Omnitracs Inc, which was just acquired by another private equity firm, Vista Equity Partners LLC.