Thoma Bravo’s Strategic Exit from Raptor Technologies and the Broader Implications for the School Safety Tech Sector

Private equity firms have long served as barometers for sector maturity, with their investment and divestiture strategies reflecting underlying market dynamics. Thoma Bravo’s impending exit from Raptor Technologies—a leading provider of school safety software—offers a compelling case study in this regard. The potential $2 billion valuation of the sale, coupled with Raptor’s $80 million EBITDA and global footprint, underscores the maturation of the school safety technology sector and its growing appeal to institutional investors [1].

Thoma Bravo’s Portfolio Strategy and Raptor’s Market Position

Thoma Bravo, a private equity firm with a $45+ billion cybersecurity and software portfolio, has historically prioritized platform-building through strategic acquisitions. Its 2021 investment in Raptor Technologies, which included backing the acquisition of UK-based safeguarding software firm CPOMS, was aimed at creating a comprehensive K-12 safety ecosystem [3]. By 2025, Raptor had further expanded its offerings through the acquisition of SmartPass, a digital hall pass system, and PublicSchoolWORKS, solidifying its position as a one-stop solution for crisis prevention, emergency response, and student wellbeing [4].

The firm’s decision to divest Raptor now aligns with its broader strategy of monetizing mature portfolio companies. For instance, Thoma Bravo’s recent sales of Venafi ($1.54 billion) and Imperva ($3.6 billion) highlight its focus on extracting value from cybersecurity assets at peak maturity [1]. Raptor’s robust EBITDA margins and 60,000-school user base across 55 countries suggest it has reached a similar inflection point, making it an attractive target for buyers seeking scalable, recurring-revenue technology platforms [2].

Valuation Benchmarks and Sector Trends

The potential $2 billion valuation for Raptor implies an EBITDA multiple of approximately 25x, a premium compared to broader software sector averages. This premium reflects the sector’s unique value proposition: schools face relentless pressure to adopt proactive safety measures, driven by rising concerns over behavioral threats and cybersecurity vulnerabilities. According to a report by Reuters, Raptor’s crisis management tools and behavioral threat assessment capabilities have become mission-critical for districts, enabling sticky customer relationships and high retention rates [2].

This dynamic mirrors trends in adjacent sectors. For example, Thoma Bravo’s $5.3 billion acquisition of Darktrace in 2024 and its $1.5 billion purchase of Everbridge demonstrate a willingness to pay premium multiples for AI-driven security solutions with defensible market positions [1]. The school safety sector, while niche, shares similar characteristics: high unmet demand, regulatory tailwinds, and a shift toward data-driven risk mitigation.

Competitive Bidding and Sector Attractiveness

While the identity of Raptor’s buyer remains undisclosed, the involvement of JPMorgan as financial advisor signals robust buyer interest. Sources indicate that aerospace supplier TransDigm, other private equity firms, and technology-focused buyers are in the running [3]. This competition is emblematic of a sector attracting cross-industry attention, as institutions recognize the long-term value of edtech solutions in an era of heightened school safety demands.

The transaction also highlights the role of private equity in accelerating innovation. By acquiring and integrating companies like CPOMS and SmartPass, Thoma Bravo helped Raptor evolve from a niche player to a comprehensive platform—a transformation that now enhances its saleability. This pattern of consolidation, seen across cybersecurity and software sectors, suggests that investors view platform scalability as a key driver of value [4].

Implications for the School Safety Tech Sector

Thoma Bravo’s exit from Raptor Technologies signals a pivotal moment for the school safety tech sector. The high valuation and competitive bidding process validate the sector’s transition from a niche market to a mature, institutional-grade asset class. For investors, this underscores the importance of monitoring private equity activity as a leading indicator of sector health.

Moreover, the deal highlights the growing convergence of cybersecurity, behavioral analytics, and K-12 infrastructure. As schools increasingly adopt integrated safety platforms, companies that can demonstrate cross-functional capabilities—like Raptor’s combination of visitor management, threat assessment, and emergency response tools—will likely command premium valuations.

For competitors, Raptor’s sale serves as both a benchmark and a challenge. The $25x EBITDA multiple sets a high bar for profitability and scalability, pressuring smaller players to either differentiate through innovation or seek consolidation. Meanwhile, the involvement of aerospace and technology firms in the bidding process suggests that the sector’s appeal extends beyond traditional edtech investors, opening new avenues for growth.

Conclusion

Thoma Bravo’s strategic exit from Raptor Technologies is more than a single transaction—it is a lens through which to view the maturation of the school safety tech sector. By leveraging private equity capital to build a defensible platform and now extracting value at a premium, Thoma Bravo has demonstrated the sector’s potential to deliver robust returns. As institutional buyers increasingly target similar assets, the stage is set for further consolidation, innovation, and valuation growth in this critical technology space.

**Source:[1] Cybersecurity Consolidation 2023-2025: Major M&A Deals [https://www.securitycareers.help/cybersecurity-consolidation-2023-2025-major-m-a-deals-and-market-dynamics/][2] Thoma Bravo to sell school safety software firm Raptor Technologies [https://www.investing.com/news/economy-news/thoma-bravo-to-sell-school-safety-software-firm-raptor-technologies--reuters-93CH-4227200][3] Latest news about thoma bravo - Stock Market [https://markets.financialcontent.com/woonsocketcall/news/category?Category=thoma+bravo][4] Raptor Technologies Acquires SmartPass [https://www.thomabravo.com/press-releases/raptor-technologies-acquires-smartpass]