SolarWinds

IT management and observability software · taken private by Silver Lake, Thoma Bravo

Entry value$4.5BFeb 5, 2016 · equity value Exit value$4.65BOct 19, 2018 · IPO price × shares Multiple1.03×exit ÷ entry, see below Years private2.7Feb 5, 2016 → Oct 19, 2018

Silver Lake and Thoma Bravo took SolarWinds, an IT management software company, private in February 2016 and listed it again on the NYSE in October 2018, after pushing into cloud monitoring and software for managed service providers. The IPO priced at roughly what the sponsors had paid for the equity, so the gain came from the debt-financed structure rather than a higher value. In April 2025 Turn/River Capital took it private again, pitching AI-powered automation.

THE CYCLE · SILVER LAKE + THOMA BRAVO

SolarWinds | private 2.7 years, out at 1.03×

in$4.5B→out$4.65B·1.03×·thenprivate again APR '25

private public private again · every tag links its source

What happened, step by step

Silver Lake and Thoma Bravo completed the take-private of SolarWinds, agreed at $60.10 a share in cash, a total equity value of about $4.5 billion.Take-private · Feb 5, 2016
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M&A Bought LOGICnow, the base of its business selling to managed service providers (MSPs).While private · 2016
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Product Pushed into the cloud and MSP markets, reaching over 22,000 MSP customers.While private · Jun 30, 2018
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Debt Carried $2.22B of long-term debt before the IPO, about $1.90B after using the proceeds to repay second-lien loans.While private · Jun 30, 2018
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SolarWinds priced its IPO of 25 million shares at $15.00, to trade on the NYSE as SWI from October 19, 2018.Back to market · Oct 19, 2018
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The sponsors kept about 88.8% of the common stock after the IPO.After · Oct 19, 2018
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Turn/River Capital completed its take-private at $18.50 a share in cash, a total enterprise value of $4.4 billion; the stock left the NYSE.After · Apr 16, 2025
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The multiple, read every way

Both values are equity, but the 2018 company carried about $1.9B of debt after the IPO; the 2025 sale is an enterprise value.

Exit value worked out as 309.9M shares outstanding after the offering × $15.

The systems angle

The private-years pitch was cloud and MSP software; AI arrived only with the 2025 buyer.

“integrate observability, incident response, service management, and AI-powered automation”Matthew Amico, Turn/River Capital · at the 2025 take-private · Apr 16, 2025
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Sources (4)

silverlake.com /solarwinds-to-be-acquired-by-silver-lake-and-thoma-bravo-in-a-transac
sec.gov /Archives/edgar/data/1739942/000162828018012713/solarwinds424b4.htm
solarwinds.com /company/newsroom/press-releases/solarwinds-announces-pricing-of-initi
solarwinds.com /company/newsroom/press-releases/turnriver-completes-acquisition-of-so

How this is researched

Researched by hand from primary sources: the companies' and buyers' press releases, SEC filings (prospectuses and 8-Ks) and credible press. Each source logo links the page that states the row; anything we couldn't source is left out. The multiple is exit value over entry value as the sources state them; the readings above say where the two are not like for like. Updated Oct 12, 2026.