Thoma Bravo, a private equity firm focused on the software and technology sectors, has led a $110 million secondary investment in Pendo, a company offering software that assists software. The investment was funded through the purchase of secondary shares from Pendo employees and early-stage investors at the most recent valuation of $2.6 Billion.

The secondary investment will be used to provide Pendo with operational and financial resources to support growth and innovation.

Pendo works with over 2,000 customers including Fortune 500 business and software startups. The firm focuses on assisting its companies in meeting the expectations of their own customers who demand productive experiences with software.

“As digital transformation has escalated across all industries, efficient and easy-to-use software is a business imperative,” said Robert Sayle, partner at Thoma Bravo. “Pendo is a clear and proven leader, addressing the growing market need for excellent software experiences.”

Pendo used the Nasdaq Private Market platform for the transaction and Gunderson served as its legal counsel. Kirkland & Ellis LLP served as legal counsel to Thoma Bravo.