Kirkland & Ellis Advises Thoma Bravo on $2 Billion All-Cash Olo Deal.
Kirkland & Ellis has advised software-focused private equity firm Thoma Bravo on its upcoming acquisition of Olo Inc. (NYSE: OLO), the restaurant tech company behind the digital ordering tools used by hundreds of major food brands. The all-cash deal values Olo at around $2 billion, with shareholders set to receive $10.25 per share in cash.
The agreement has already been unanimously approved by Olo’s board of directors. If everything moves forward as planned, the deal is expected to close by the end of 2025, pending shareholder and regulatory approvals.
Founded more than 20 years ago, Olo has become a crucial technology partner for more than 750 restaurant brands, helping them streamline online ordering, manage payments, and personalize guest experiences through data.
Noah Glass, Olo’s Founder and CEO said, “Over the last twenty years, we’ve built Olo into the market leader in digital ordering for restaurants, while also expanding into payments and guest engagement to help restaurant brands aggregate and activate guest data to drive profitable traffic. By partnering with Thoma Bravo, we believe we can build on our success to date and accelerate our vision of helping our customers create a world where every restaurant guest feels like a regular.”
Peter Hernandez, Senior Vice President at Thoma Bravo commented: "Noah is a visionary who helped create the digital ordering category for restaurants, and Olo’s platform has earned the trust of many of the world’s most iconic restaurant brands. We see tremendous potential ahead and are incredibly excited to work with Noah and his team on strategic and operational initiatives to help Olo accelerate growth and strengthen their position as an essential partner to restaurants everywhere.”
Kirkland & Ellis is representing Thoma Bravo with a multi-disciplinary team led by corporate lawyers Bradley Reed, Corey Fox, Jeremy Mandell, George Boden, and Will Pretto. The deal also draws on the firm’s debt finance expertise, with Brian Ford and Fred Lim advising, alongside capital markets counsel Michael Keeley.
On the other side of the transaction, Goldman Sachs is serving as the exclusive financial advisor to Olo, while Goodwin Procter LLP is acting as the company’s legal counsel.
Thoma Bravo is a leading private equity firm focused on software and technology investments, with over $184 billion in assets under management. Backed by more than 40 years of experience, the firm has invested in over 500 companies and helped drive over $275 billion in value. Thoma Bravo operates across multiple fund strategies, including flagship, mid-market, growth, and credit and maintains offices in San Francisco, Chicago, Miami, New York, Dallas, and London.
Kirkland & Ellis is a leading global law firm known for its excellence in M&A, corporate law, litigation, intellectual property, and private equity. With offices in key financial centers worldwide, the firm advises clients across a broad range of industries. Recognized for its work on high-stakes transactions and disputes, Kirkland delivers innovative legal strategies backed by deep industry knowledge. Its focus on complex deals and cutting-edge solutions positions it as a trusted advisor in the global legal market.
