Thoma Bravo, the world’s largest software-focused private equity firm, has entered into a definitive agreement to acquire Accelerant, a data-driven specialty insurance risk exchange, in an all-cash transaction valued at more than $4 billion.
The deal, announced on August 13-14, 2026, is designed to take Accelerant private just over a year after its New York listing and enable investments in technology, data capabilities and capital capacity.
The acquisition is strategically important because specialty insurance requires technology-enabled platforms that connect underwriters with risk capital using data. The ability to be the rails on which specialty insurance runs is becoming increasingly important.
By combining Thoma Bravo’s technology and software expertise, vast financial and strategic resources managing $172-184B AUM, with Accelerant’s data-fueled platform, the companies aim to make investments that further position the platform as trusted marketplace for specialty risk.
The transaction is expected to close in first half of 2027, subject to shareholder and regulatory approvals, including insurance regulatory approvals with 6% per annum ticking fee if delayed. Go-shop period expired Sep 22, 2026 with no alternative proposals.
Key Details of the Acquisition
| Detail | Information |
| Acquirer | Thoma Bravo (Thoma Bravo affiliates) |
| Target | Accelerant |
| Acquirer Country | United States |
| Target Country | United States / Cayman Islands (Grand Cayman, Cayman Islands-based) – Operations Atlanta-based |
| Acquirer Industry | Private Equity, Software Investment, Technology |
| Target Industry | Insurance Technology, Specialty Insurance Risk Exchange, InsurTech |
| Deal Type | Acquisition |
| Deal Value | Over $4 Billion enterprise value, $4.4B per WSJ |
| Payment | $20.25 per share in cash, 49% premium to Aug 12, 2026 closing price |
| Announcement Date | August 13-14, 2026 |
| Go-Shop Expiration | September 22, 2026, 40-day period, no alternative proposals received |
| Expected Closing | First half of 2027 (H1 2027) |
| Acquirer Founded | 1980 (original), 2008 as Thoma Bravo, Chicago and San Francisco and Miami |
| Acquirer HQ | Chicago, Illinois / San Francisco / Miami, Florida |
| Acquirer AUM | ~$172-184B AUM as of March-June 2026, $130-181B PE AUM |
| Acquirer Investments | Over 440 software deals since 2000, pioneered software buyout model, 300+ technology companies $85B value |
| Target Founded | 2018 |
| Target HQ | Atlanta-based, Grand Cayman, Cayman Islands-based insurtech |
| Target Stock | NYSE: ARX, listed July 2025 (13 months before deal), $550M IPO terms |
| Target Revenue | $653M revenue over past year (2025 IPO filing), >$400M in 12 months ended June 30 2024, $178M in quarter ended March 31 (up 39% YoY), 2025 results $282M Adjusted EBITDA, 35% premium growth |
| Target Business Model | Risk exchange connecting MGAs/underwriters of specialty insurance risk with risk capital providers, fee-based on Exchange Written Premium, 22 countries, 600+ specialty insurance products, data analytics and AI |
| Target Platform | Technology-enabled risk exchange, services and data platform |
| Voting Support | 82% of voting rights via Altamont Capital Partners entities agreed to support, Special Committee of independent directors unanimously recommended |
| Majority Investor | Altamont Capital Partners – majority investor, to retain equity alongside Thoma Bravo with founders |
| Ticking Fee | 6% per annum if closing delayed by pending insurance regulatory approvals |
| Recent Thoma Bravo Deals | Nearmap bought itel for $1.3B+ (2025), Dayforce $12.3B (Feb 2026), Darktrace $4.7B take-private, Boeing Digital Aviation $11.2B, Calabrio to merge with Verint $2B, Varonis via Proofpoint $6.3B |
Thoma Bravo Company Introduction
Thoma Bravo is a U.S.-based private equity firm headquartered in Chicago, Illinois and San Francisco and Miami, founded in 1980 (as Thoma Bravo in 2008 by Orlando Bravo), one of the largest software-focused investment firms in the world.
Its major business areas include:
- Software and technology-enabled services buyouts
- Enterprise software, cybersecurity, SaaS
- Over 440 software deals since 2000, pioneered software buyout model after dot-com crash
- Invested in or acquired 300+ technology companies totaling $85B value
- $184B+ AUM, $172B as of March 31 2026, $130-181B PE AUM
- Flagship XVII $22B, Discover VI $10B, Europe II $6B – record $38B three-fund raise Jan 2026
- Partnership with management teams and operational value creation
Accelerant Company Introduction
Accelerant is a U.S.-based specialty insurance marketplace, Grand Cayman, Cayman Islands-based insurtech founded in 2018, headquartered Atlanta-based, CEO Jeff Radke.
Its key capabilities include:
- Data-driven specialty insurance risk exchange
- Technology-enabled risk exchange connecting specialty underwriters (MGAs) with risk capital
- Services and data platform for specialty insurance market
- Generates revenue by charging fees to risk capital partners based on Exchange Written Premium
- Operates in 22 countries, covering 600+ specialty insurance products
- Advanced data analytics and AI to optimize risk management
- Digital platform with enhanced AI capabilities
- $653M revenue over past year, $400M+ in 12 months ended June 30 2024, $282M Adjusted EBITDA 2025, 35% premium growth
- Backed by Altamont Capital Partners, Todd Boehly via Eldridge Industries minority shareholder
Why Is Thoma Bravo Acquiring Accelerant?
| Thoma Bravo Already Has | Accelerant Brings |
| Software-focused PE, $172-184B AUM, tech expertise | Data-driven specialty insurance marketplace, preeminent since 2018 |
| Investments in insurance tech (Nearmap bought itel $1.3B) | Risk exchange platform connecting underwriters with capital via data |
| Vast financial and strategic resources | Fee-based capital-light model, $400M+ revenue, 22 countries, 600+ products |
| Operational value creation | Technology, data capabilities, capital capacity to become rails for specialty insurance |
Flow: Underwriters (MGAs) → Risk Exchange (Accelerant) → Risk Capital Partners → Fee on Exchange Written Premium → Data + AI Optimization → Specialty Insurance Market
What Does Accelerant Technology Do?
1. Specialty insurance underwriters (MGAs) need risk capital
2. Accelerant risk exchange connects them with institutional risk capital providers
3. Platform uses data to support underwriting and pricing decisions
4. Generates revenue charging fees on Exchange Written Premium
5. Data analytics and AI optimize risk management and achieve operational efficiencies
In simple terms: Specialty Risk → Exchange → Risk Capital → Fee → Data-Driven Underwriting → Efficient Market
Over $4 Billion All-Cash Take-Private
- $20.25 per share cash, 49% premium to Aug 12 2026 close, over $4B enterprise value ($4.4B per WSJ)
- All-cash transaction, Accelerant to become privately held, shares no longer trade NYSE
- 82% voting rights via Altamont Capital Partners support deal, Special Committee unanimously recommended, board approved
- Founders and Altamont to retain equity alongside Thoma Bravo – rapid return to private ownership 13 months after July 2025 IPO
- 40-day go-shop period expired Sep 22 2026 at 11:59 PM ET with no alternative proposals received – still expected H1 2027 close
- 6% per annum ticking fee if closing delayed by insurance regulatory approvals
- Thoma Bravo plans to invest in technology, data capabilities, capital capacity as next phase of growth – Chairman and CEO Jeff Radke: “Returning to private ownership with Thoma Bravo technology and software expertise will enable us to make investments that further position our unique data fueled platform to be the rails on which specialty insurance runs”
Outcome
This $4B+ take-private reflects Thoma Bravo’s thesis of consolidating data-driven, capital-light insurance infrastructure at a 49% premium, valuing Accelerant’s fee-on-premium model at ∼6-7x revenue given its $653M revenue, 22-country footprint and 600+ specialty products. The deal is strategically accretive for Thoma Bravo, following its $1.3B itel acquisition via Nearmap, as it positions Accelerant as the ‘rails’ for specialty insurance with embedded data and AI moat. With 82% voting locked via Altamont, no go-shop bidders, and founders retaining equity, execution risk is low but insurance regulatory delays (with 6% ticking fee) and integration of a high-growth marketplace into a PE operating model remain key watchpoints. If H1 2027 close succeeds, Thoma Bravo can scale tech and capital capacity to drive EBITDA expansion beyond $282M.alternatives, and 6% ticking fee for insurance regulatory delay, deal expected H1 2027 could position platform to be rails on which specialty insurance runs.
Source: Thoma bravo press
