According to a source familiar with the matter at hand, private equity investor Thoma Bravo has hired an investment bank to raise funds for an initial public offering for a special purpose acquisition company (SPAC). The development marks one of the first technology-focused buyout firms to join Wall Street’s SPAC trend.

According to sources, the SPAC will target an acquisition in the software and technology sector.

Sources have preferred the cover of anonymity since the plans are private.

Thoma Bravo declined comment.

Incidentally, a SPAC is a shell company which raises funds in an initial public offering (IPO) with the aim of acquiring a private company, which then becomes public as result of the merger.

According to SPAC Research, 2020 SPACs have emerged as a popular option in Wall Street with 208 SPACs raising more than $70 billion so far this year,

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