By Greg Roumeliotis
(Reuters) – Private equity investor Thoma Bravo has hired an investment bank to raise funds in an initial public offering for a special purpose acquisition company (SPAC), one of the first technology-focused buyout firms to join Wall Street’s SPAC craze, people familiar with the matter said on Thursday.
The SPAC will target an acquisition in the software and technology sector, the sources said, requesting anonymity as the plans are private.
Thoma Bravo declined to comment.
A SPAC is a shell company which raises funds in an initial public offering (IPO) with the aim of acquiring a private company, which then becomes public as result of the merger.
SPACs have emerged as one of Wall Street’s most popular investment vehicles in 2020, with 208 SPACs raising more than $70 billion so far this year, according to SPAC Research.
(Reporting by Greg Roumeliotis in New York; Additional reporting by Joshua Franklin; Editing by Christopher Cushing)
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