Aug 23, 2026 – 6.46pmAmerican private equity and growth capital firm Thoma Bravo is the frontrunner to acquire a stake in Queensland-born human resources and payroll software player Tanda after a fiercely contested auction, overseen by Barrenjoey Capital Partners.Thoma Bravo’s binding offer valued Tanda at about $800 million on a 100 per cent basis, “significantly higher” than the level where rival bidders landed, sources told Street Talk on the condition of anonymity. A transaction is expected to be signed in coming weeks.Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.Angira Bharadwaj is a co-editor of Street Talk. She covers IPOs, capital raises, mergers and acquisitions and other breaking news in Australia’s capital markets. Previously, she covered financial services, state, and federal politics. Send tips to @angirab.60 on encrypted messaging platform Signal.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?