KKR, a global investment firm, has announced its role as the lead investor in a $3 billion private credit package for the recapitalization of Flexera Software, a leader in technology spend and risk intelligence. KKR Capital Markets served as Lead Arranger and Bookrunner, supporting Flexera’s growth as a Thoma Bravo portfolio company with its AI-driven IT solutions.
KKR leads $3B private credit deal for Flexera Software recapitalization.
Financing includes $2.03B term loan, €590M euro-denominated loan, and $150M revolving credit.
Flexera, founded in 1987, optimizes IT spend and risk via its Flexera One platform.
Deal supports M&A, R&D, and dividend payouts for Thoma Bravo.
Powered by renewable energy, aligning with ESG goals.
KKR advised by Latham & Watkins; Flexera by Kirkland & Ellis.
KKR’s credit arm, alongside Ares Management, Blackstone, Golub Capital, HPS Investment Partners, and Thoma Bravo’s credit business, provided a $3 billion financing package, including a $2.03 billion term loan, a €590 million ($689 million) euro-denominated loan, and a $150 million revolving credit facility. Priced at 4.75 percentage points over benchmarks, the deal refinances Flexera’s $1.95 billion syndicated loan and adds ~$1 billion in new capital. “We were drawn to Flexera’s strong momentum and scaled global platform that offers critical, simplified IT solutions in a highly fragmented and complex industry,” said Bobby Campbell, Managing Director at KKR.
Founded in 1987 and based in Illinois, Flexera helps over 50,000 organizations optimize technology investments through its Flexera One platform, powered by the world’s largest high-fidelity technology asset data catalog. Its IT asset management, FinOps, and SaaS solutions address the $210 billion SaaS market, where 32% of spending is underutilized, creating a $67 billion opportunity. Flexera reported $328 million in adjusted EBITDA for the 12 months ending March 2025, supporting its scalability for M&A and R&D.
The recapitalization aligns with environmental, social, and governance (ESG) goals, leveraging private credit’s flexibility for sustainable growth. The deal supports Flexera’s role in the growing SaaS market, projected to exceed $210 billion in 2025, by enhancing its ability to deliver cost optimization and AI implementation solutions.
KKR’s leadership in Flexera’s $3 billion recapitalization underscores its expertise in private credit and commitment to scaling innovative tech firms. By empowering Flexera to pursue growth and sustainability, KKR strengthens its position as a key player in the financial and technology sectors.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group.
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