Thoma Bravo to take Accelerant private in more than $4 billion deal

The deal, expected to close in the first half of 2027, will end Accelerant's short stint as a listed company and allow it to focus on the business away from public market pressures.

Accelerant shareholders will receive a ticking fee accruing at a rate of 6% per annum if the deal's closing is delayed by pending insurance regulatory approvals.

Accelerant's stock has struggled over the past year, trading well below its initial public offering of $21 per share.

"We believe it is a good outcome, considering the extreme volatility in the market and the disconnect between the company's fundamentals and the share price," RBC analyst Rowland Mayor said.

Founded in 2018 by a group of industry veterans, Accelerant operates as an insurance marketplace connecting niche underwriters with institutional investors, using data to make the process faster and cheaper.

"Accelerant has built something rare in specialty insurance," said Matt LoSardo, a principal at Thoma Bravo.

Thoma Bravo, a software-focused investment firm managing more than $172 billion in assets as of March 31, has invested in insurance technology and data businesses for years.

Last year, Thoma Bravo's Nearmap bought itel, an insurance technology firm focused on property and casualty claims services, for over $1.3 billion.

Buyout firm Altamont Capital Partners, Accelerant's largest investor, and the company's founders plan to retain equity ownership alongside Thoma Bravo.