Thoma Bravo takes PROS private in a $1.4 billion deal, then splits it in two

PROS Holdings, one of the longest-standing independent names in AI-powered pricing software, agreed to be acquired by Thoma Bravo on September 22, 2025, in an all-cash deal valuing the company at approximately $1.4 billion. Shareholders received $23.25 per share — a 41.7% premium over PROS's closing price the day before the announcement. The deal closed on December 9, 2025, and PROS shares were delisted from the NYSE.

The more interesting part for the pricing software market is what happened next: Thoma Bravo split the company along its two core businesses. PROS's travel division — airline and travel-industry revenue management, a category PROS has served since its earliest days — continues as "PROS Travel," run as its own platform investment. Its B2B pricing and selling business, meanwhile, was folded into Conga, an existing Thoma Bravo portfolio company known for configure-price-quote, contract lifecycle management and document automation.

The logic, according to both companies, is that the combination lets enterprises handle configuration, pricing, quoting and contracting for complex SKU bundles under one roof rather than stitching together separate CPQ and pricing-optimization tools — an increasingly common ask as AI-driven quoting pushes vendors to close feature gaps against fully consolidated platforms like Salesforce Revenue Cloud and SAP CPQ.

It's the second major PE-driven consolidation move in enterprise pricing software in as many years, and it leaves the market with one fewer independent, publicly traded pure-play pricing vendor — a trend worth watching for any buyer currently evaluating long-term vendor stability as part of an RFP.