A month after its strategic review confirmation, Kneat.com (KSI) is going private in a $650M deal led by Thoma Bravo - who’s happy to step in at a 40% premium…

… given it represents KSI’s long-term average valuation, following the AI-selloff that’s put a dent in Canadian software valuations.

As we highlighted after Thoma’s $12B Dayforce deal, it’s got $35B of capital to deploy - and with Canadian tech in the toilet bowl despite strong FCF generation…

… this might not be the last take-private we see this year.

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