The Hedge Funds Behind the Coupa Deal

Several firms had recently taken outsized stakes in the software company.

Illustration by II

Illustration by II

Coupa Software’s agreement to be acquired by private equity fund Thoma Bravo for $8 billion in cash — or $81 per share — seemed to have caught investors by surprise.

The stock surged nearly 27 percent on Monday to close at $78.65,

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