Thoma Bravo Invests $100M in Digital Product Experience Firm Pendo

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Software company Pendo announced a $110 million secondary investment this month led by software investment firm Thoma Bravo.

Thoma Bravo, with offices in Chicago, Miami and San Francisco, purchased secondary shares from Pendo employees and early-stage investors at the company’s most recent valuation of $2.6 billion. The investment is a sign of the firm’s commitment to supporting Pendo’s next phase of growth, said Todd Olson, Pendo CEO and co-founder.

“Through this investment, we are pleased to have given our employees and early-stage investors an attractive liquidity opportunity in recognition of their support and tremendous contributions to Pendo’s success,” he said in a press release statement.

Founded in 2013, the Raleigh, N.C.-based company provides software to improve customer adoption and experience as well as digital adoption and experience tools for employee-facing software. Pendo reports that 2,000 customers use the company’s software to combine in-app messaging with “robust product analytics” that allow product teams to make decisions about what features to build and sunset along with how to accelerate product adoption. 

Pendo’s mission is to “elevate the world’s software experience,” and customers include Verizon, RE/MAX, LabCorp, Salesforce and Zendesk. Along with Thoma Bravo, Pendo is backed by Battery Ventures, Spark Capital, Meritech Capital, Sapphire Ventures and B Capital Group.

“As digital transformation has escalated across all industries, efficient and easy-to-use software is a business imperative,” said Robert Sayle, a partner at Thoma Bravo, in a press release announcing the investment.

Pendo also recently announced the hire of Trisha Price as chief product officer, the addition of 181 new customers and a number of new product features and enhancements in the last quarter.

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