Thoma Bravo’s Strategic Growth Investment in Mailgun


Mailgun was advised by William Blair & Company and Choate, Hall & Stewart LLP. Thoma Bravo was advised by Harris Williams LLC and Goodwin Procter LLP.

Thoma Bravo, a leading software-focused private equity investment firm, has acquired a majority stake in Mailgun Technologies, Inc., a provider of email infrastructure software, from Turn/River Capital. The investment recognizes Mailgun’s strong momentum and includes growth capital to help the rapidly growing company expand its platform and accelerate product roadmap initiatives. As part of the transaction, Turn/River and the company’s management team will retain a minority ownership stake in the company.

Mailgun provides email API technology to over 150,000 companies, enabling developers to send, receive, and track email easily from within their applications. Software development teams at Lyft, GitHub, Iterable and Indeed seamlessly embed Mailgun within their applications to power high-volume and high-frequency email messaging. Mailgun’s robust infrastructure technology, combined with best-in-class developer documentation, developer tools and customer support, ensures market-leading deliverability across several types of emails, including transactional and marketing use cases.

Thoma Bravo has provided equity and strategic support to experienced management teams of growing companies for nearly forty years. The firm’s investment in Mailgun is the latest investment in infrastructure software. Previous infrastructure software investments for Thoma Bravo include Dynatrace, Embarcadero, Flexera, Kofax, and Solarwinds.

Choate represented Turn/River Capital and its portfolio company Mailgun Technologies, Inc. with a team including Lee S. Feldman (Picture), Daniel P. Riley, Sean M. Small and Alexandra C. Fischbein.

Involved fees earner: Lee Feldman – Choate; Alexandra Fischbein – Choate; Daniel Riley – Choate; Sean Small – Choate;

Law Firms: Choate;

Clients: Mailgun Technologies, Inc.; Turn/River Capital ;