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Thoma Bravo Announces Strategic Growth Investment in Mailgun


SAN FRANCISCO and SAN ANTONIO, April 1, 2019 /PRNewswire/ -- Thoma Bravo, a leading software-focused private equity investment firm, has acquired a majority stake in Mailgun Technologies, Inc., a provider of email infrastructure software, from Turn/River Capital. The investment recognizes Mailgun's strong momentum and includes growth capital to help the rapidly growing company expand its platform and accelerate product roadmap initiatives. As part of the transaction, Turn/River and the company's management team will retain a minority ownership stake in the company.  

Mailgun provides email API technology to over 150,000 companies, enabling developers to send, receive, and track email easily from within their applications. Software development teams at Lyft, GitHub, Iterable and Indeed seamlessly embed Mailgun within their applications to power high-volume and high-frequency email messaging. Mailgun's robust infrastructure technology, combined with best-in-class developer documentation, developer tools and customer support, ensures market-leading deliverability across several types of emails, including transactional and marketing use cases.

"Mailgun's partnership with Thoma Bravo gives us the capital and operational expertise needed to continue growing our company, expanding our product suite, and building upon a truly comprehensive developer-focused offering," said Will Conway, CEO of Mailgun. "Thoma Bravo has a proven track record of helping software companies achieve exceptional results, and we look forward to leveraging their investment experience."

Thoma Bravo has provided equity and strategic support to experienced management teams of growing companies for nearly forty years. The firm's investment in Mailgun is the latest investment in infrastructure software. Previous infrastructure software investments for Thoma Bravo include Dynatrace, Embarcadero, Flexera, Kofax, and Solarwinds.

"Thoma Bravo believes there is tremendous growth potential in the email infrastructure market," said Hudson Smith, a Partner at Thoma Bravo. "Will, Josh and the entire Mailgun team have built the leading product in the space with their developer-centric approach, and we are looking forward to a strong and productive partnership with them."

Dominic Ang, Managing Partner at Turn/River Capital, added, "It has been an amazing journey for Mailgun from Y-Combinator to Rackspace to spinning out as an independent company again. We were pleased to have partnered with the Mailgun team coming out of Rackspace and remain just as excited for this partnership alongside Thoma Bravo."

Mailgun was advised by William Blair & Company and Choate, Hall & Stewart LLP. Thoma Bravo was advised by Harris Williams LLC and Goodwin Procter LLP.

About Thoma Bravo:
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $30 billion in capital commitments, Thoma Bravo partners with a company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as ABC Financial, Blue Coat Systems, Deltek, Digital Insight, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, iPipeline, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, SonicWall, Sparta Systems and TravelClick. The firm has offices in San Francisco and Chicago. For more information, visit  

About Mailgun:
Mailgun provides email API technology to over 150,000 companies, enabling developers to send, receive, and track email easily from within their applications. Mailgun offers robust infrastructure technology combined with best-in-class customer support to ensure market-leading deliverability across several types of emails, including transactional and marketing messages. Mailgun is headquartered in San Antonio, Texas. For more information, visit            

About Turn/River:
Turn/River specializes in growth capital investments, founder liquidity, buyouts, spin-outs, and recapitalizations of software and Saas companies. Its strategy is to combine rigorous, iterative marketing, sales and operational execution with flexible capital to help companies double or triple their growth and build value for everyone. Turn/River Capital is headquartered in San Francisco. For more information, visit:

Media Contact: 
Matthew Gorton
Hiltzik Strategies

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SOURCE Thoma Bravo

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