Private equity firm Thoma Bravo has agreed to acquire workplace software firm Calabrio from KKR & Co.
Terms of the deal were not disclosed.
The deal values Calabrio at more than $1 billion, including debt. KKR paid $200 million to acquire Calabrio in 2016, Reuters reported.
Minneapolis, Minnesota-based Calabrio provides cloud-based software that allows companies like Netflix Inc and Shopify track and analyze customer service data generated from their contact centers.
Calabrio grew its recurring revenue to nearly 80 percent of total revenue, up from just 30 percent about four years ago when it was acquired by KKR, Thomas Goodmanson, its chief executive officer said in an interview.
The increase has in part been driven by the shift to remote work due to the COVID-19 pandemic.
Thoma Bravo is one the largest software-focused private equity firms with $77 billion in assets under management. Its portfolio companies include information technology services provider SolarWinds and cybersecurity firm McAfee.