Private equity company Thoma Bravo has finalised the acquisition of Olo, a software-as-a-service (SaaS) platform for restaurants, in a deal valued at around $2bn.

As a result of the acquisition, Olo moves into private ownership, with its stock having delisted from the New York Stock Exchange (NYSE).

Olo stockholders will receive $10.25 per share in cash for each share of common stock held.

This all-cash deal is set to enhance Olo's growth trajectory and bolster its service offerings to more than 750 restaurant brands worldwide.

The definitive agreement for the acquisition was signed in July, with clearance from Olo's stockholders secured earlier this month.

Thoma Bravo partner Hudson Smith said: "Olo has built a powerful platform and strong relationships with some of the world's most iconic and admired restaurant brands.

"We are excited to support Noah and his team's vision for the future of Olo and the restaurant technology space. We see enormous potential ahead for them to scale their business, expand their capabilities, and deepen their impact on how restaurants operate and connect with their guests."

Established in 2005, Olo provides technology solutions for digital ordering, payments, and customer engagement, processing millions of transactions daily and catering to more than 88,000 locations.

Olo founder and CEO Noah Glass said: "Olo has grown from a pioneer in digital ordering into a world-class platform that helps restaurants engage guests and drive profitable growth.

"We are excited to continue our ambitious journey with Thoma Bravo. Together, we will take Olo's mission further by scaling faster and innovating deeper, while continuing to deliver industry-leading reliability and exceptional experiences for restaurants and their guests."

Goldman Sachs and Goodwin Procter provided exclusive financial advice and legal counsel to Olo, respectively, for the transaction.

Thoma Bravo received financial advice from Morgan Stanley while Kirkland & Ellis was its legal counsel.