Four years after Thoma Bravo took Anaplan private in a $10.7 billion deal, the enterprise planning software company is preparing to re-enter public markets through a confidential IPO filing, marking one of the most significant private equity exit strategies in the enterprise software sector. The move comes as Thoma Bravo seeks to capitalize on improved market conditions and the company’s transformation under private ownership, according to The Information .

The confidential filing represents a strategic inflection point for both Anaplan and its private equity owner, as the company navigates a complex path back to public markets amid heightened scrutiny of software valuations and profitability metrics. Since the 2020 take-private transaction, Thoma Bravo has worked to reshape Anaplan’s operational structure, focusing on profitability improvements and market positioning in the competitive enterprise planning space. The decision to pursue an IPO rather than a strategic sale or continuation under private ownership signals confidence in the company’s standalone value proposition and growth trajectory.

Anaplan’s journey from public to private and back again reflects broader trends in the private equity playbook for enterprise software companies. The company, which provides cloud-based planning and performance management software, has undergone significant operational changes during its time under Thoma Bravo’s ownership, including leadership transitions, product enhancements, and strategic repositioning against competitors like Oracle, SAP, and newer entrants in the connected planning market.

The Private Equity Transformation Playbook

During its tenure under private ownership, Anaplan has focused intensively on margin expansion and operational efficiency—hallmarks of the Thoma Bravo investment strategy. The private equity firm, which specializes in software and technology investments, has a well-documented track record of taking public software companies private, implementing operational improvements, and returning them to public markets at higher valuations. This approach has generated substantial returns across Thoma Bravo’s portfolio, though the success of each individual exit depends heavily on market timing and company-specific execution.

The timing of Anaplan’s IPO preparation is particularly noteworthy given the current state of public software markets. After a brutal 2022 and 2023 for technology stocks, particularly in the enterprise software sector, markets have shown signs of stabilization with investors increasingly focused on profitable growth rather than growth at any cost. This shift in investor sentiment aligns well with the operational improvements typically implemented during private equity ownership, potentially creating a more favorable reception for Anaplan’s return to public markets than might have existed in previous years.

Market Dynamics and Competitive Positioning

The enterprise planning and analytics market has evolved considerably since Anaplan’s initial public offering in 2018 and subsequent privatization. The sector has seen increased competition from both established enterprise software vendors expanding their planning capabilities and newer, more specialized entrants focusing on specific aspects of financial planning and analysis. Anaplan’s ability to differentiate itself in this increasingly crowded market will be critical to achieving a successful IPO valuation that justifies Thoma Bravo’s initial investment and subsequent operational changes.

Connected planning—the integration of financial, operational, and workforce planning across an organization—has emerged as a key battleground in enterprise software. Anaplan has positioned itself as a leader in this category, emphasizing its platform’s ability to break down traditional planning silos and enable more collaborative, data-driven decision-making. However, the company faces ongoing challenges from larger competitors with broader product suites and deeper customer relationships, as well as from nimbler startups that can move more quickly to address emerging customer needs.

Financial Performance and Valuation Considerations

While specific financial details remain confidential ahead of the formal IPO filing, the company’s path to profitability and revenue growth trajectory will be central to investor evaluation. The enterprise software market has undergone a significant repricing since 2021, with public market multiples compressing from peak levels. Companies that demonstrated strong unit economics, efficient growth, and clear paths to sustained profitability have fared better in this environment, while those still prioritizing growth over profitability have seen their valuations suffer.

Thoma Bravo’s $10.7 billion acquisition price in 2020 represented a premium to Anaplan’s then-trading price, but the firm will need to demonstrate substantial value creation during the private ownership period to achieve a successful exit. This likely means showing improved profitability metrics, stronger revenue retention rates, and potentially enhanced growth rates compared to the company’s performance as a public entity. The confidential filing process allows Anaplan and its advisors to gauge investor appetite and potentially adjust timing or pricing expectations before proceeding with a full public offering.

Leadership and Strategic Direction

The company’s leadership team and strategic direction under private ownership will face intense scrutiny from potential public market investors. Changes in executive leadership, product strategy, and go-to-market approach during the private period will need to be clearly articulated and justified as value-creating moves rather than signs of instability or strategic drift. The ability to tell a compelling growth story that differentiates Anaplan from both its past performance and current competitors will be essential to achieving desired valuation levels.

Anaplan’s customer base, which includes large enterprises across various industries, provides a foundation for predictable recurring revenue—a key metric for SaaS company valuations. The company’s ability to expand within existing accounts through additional use cases and modules, while simultaneously acquiring new customers efficiently, will be critical factors in investor assessment. Net revenue retention rates, customer acquisition costs, and lifetime value metrics will all come under microscope as public market investors evaluate the company’s unit economics.

The Broader IPO Market Context

Anaplan’s IPO preparation comes amid a gradually recovering market for technology offerings. After a near-freeze in 2022 and much of 2023, the IPO market has shown signs of thawing, with select companies successfully completing offerings and trading well in the aftermarket. However, the bar for successful IPOs remains high, with investors demanding demonstrated profitability or clear near-term paths to positive cash flow, strong competitive positioning, and reasonable valuations relative to growth prospects.

The confidential filing process, which allows companies to submit draft registration statements to the SEC for non-public review, has become increasingly popular among IPO candidates. This approach provides flexibility to withdraw or delay the offering if market conditions deteriorate or investor feedback suggests timing or valuation concerns. For a company of Anaplan’s size and profile, the confidential process offers valuable optionality as management and Thoma Bravo assess the optimal window for returning to public markets.

Strategic Alternatives and Exit Options

While the IPO preparation signals Thoma Bravo’s current preferred exit path, the firm retains other strategic options depending on market conditions and investor reception. A strategic sale to a larger enterprise software company remains a possibility, particularly if public market valuations prove disappointing or if a strategic buyer sees significant synergies with Anaplan’s technology and customer base. However, the pursuit of an IPO suggests that Thoma Bravo believes the standalone public market value exceeds what strategic buyers might offer, at least under current conditions.

The success or failure of Anaplan’s return to public markets will have implications beyond the company itself. As one of the larger and more prominent private equity-backed software companies preparing for an exit, Anaplan’s reception could influence the timing and structure of other potential IPOs from Thoma Bravo’s portfolio and the broader universe of private equity-owned software companies. A successful offering could help open the IPO window more widely for other enterprise software companies, while a struggled debut might cause other candidates to delay their plans or pursue alternative exit paths.

Industry Implications and Future Outlook

The enterprise planning software market continues to evolve with emerging technologies like artificial intelligence and machine learning creating new opportunities for product differentiation and value creation. Anaplan’s ability to incorporate these technologies into its platform and demonstrate tangible customer benefits will be important to its competitive positioning and growth prospects. Investors will likely scrutinize the company’s technology roadmap and R&D investments to assess its ability to maintain relevance in a rapidly changing market.

As Anaplan moves forward with its IPO preparation, the company faces the challenge of balancing the operational discipline developed under private ownership with the growth expectations of public market investors. The most successful software IPOs in recent years have been those that demonstrate both strong unit economics and credible growth opportunities—a combination that requires careful strategic execution and clear communication with investors. Whether Anaplan can achieve this balance will determine not only the success of its offering but also its long-term performance as a public company in an increasingly competitive and demanding market environment.