Anaplan, backed by Thoma Bravo, plans confidential IPO filing: The Information

• Anaplan was originally taken public in 2018 before Thoma Bravo acquired it for $10.4 billion in 2022
• Thoma Bravo, which manages over $181 billion in assets, has also explored IPOs for portfolio companies Ping Identity and Proofpoint in recent months
• The IPO filing plans could still change, and no valuation or fundraising targets have been disclosed

Summary

Key Development: U.S. software company Anaplan is preparing to file confidentially for an IPO in the coming weeks, marking a potential return to public markets nearly four years after being taken private by Thoma Bravo in a $10.4 billion deal in 2022.

Financial Details:

• Original take-private valuation: $10.4 billion (2022)
• Target IPO raise amount and valuation: Not yet disclosed
• Plans remain subject to change

Company Background: Anaplan, a planning and analytics software provider, originally went public in 2018 before its acquisition by private equity firm Thoma Bravo. The PE firm currently manages over $181 billion in assets under management.

Market Context: This IPO filing is part of a broader exit strategy by Thoma Bravo, which has been exploring public market opportunities for multiple portfolio companies. The firm has recently examined IPO options for two other holdings—Ping Identity and Proofpoint—and successfully took identity security company Secureworks public in February 2025.

Sector Implications: The move signals renewed confidence in software sector valuations and IPO market conditions after several years of muted activity. Thoma Bravo's multiple IPO explorations suggest private equity firms are finding favorable windows to exit investments and return capital to investors.

Status: Neither Anaplan nor Thoma Bravo has commented on the reported IPO plans. The confidential filing timeline and specific financial terms remain undisclosed, according to The Information's reporting.