Thoma Bravo, a private equity investment firm focused on the software sector, has invested in PDFTron Systems Inc., a provider of document technology services for software developers. Thoma Bravo’s investment is expected to drive increased innovation within PDFTron’s document processing technology platform and accelerate the company’s growth trajectory in the document processing market. Existing investors Silversmith Capital Partners and the PDFTron management team will remain significant shareholders.

PDFTron co-founder and CEO Catherine Andersz said, “Partnering with Thoma Bravo a short two years after our first external investment from Silversmith is validation of our category leadership, focus on innovation, and the scale of the market opportunity ahead of us. Thoma Bravo shares our commitment to deeply understanding our market and anticipating customer needs to fuel further product innovation. We look forward to sharing the benefits of their software expertise and investment capital with our clients, partners, and employees.”

“PDFTron has demonstrated impressive growth in a market that will only become more critical as businesses accelerate the digitization of documents and workflows,” said A.J. Rohde, a senior partner at Thoma Bravo. “We are excited to support PDFTron’s continued investment in its platform, both organically and inorganically, and to leverage our software expertise to position the company for future growth.”

“Through the application of our partnership-driven approach and our experience in helping software companies as they scale, we look forward to working with the PDFTron team to build on the Company’s remarkable success to date,” said Hudson Smith, a partner at Thoma Bravo.  

Jim Quagliaroli, managing partner of Silversmith, noted, “Since partnering with PDFTron as the company’s first institutional investor in 2019, we have been impressed with the extraordinary momentum the business has achieved. Under Catherine and Ivan’s leadership, the company has expanded product capabilities and executed on five strategic acquisitions, contributing to revenue increasing by more than 4x over the past two years. PDFTron has cemented its position as the leading provider of document processing tools for software developers, and we’re excited to partner with the Thoma Bravo team as the company enters a new phase of growth.”

PDFTron is being advised on the transaction by AGC Partners and Choate, Hall & Stewart LLP. Thoma Bravo is being advised by Kirkland & Ellis LLP.