The platforms powering your restaurant are no longer just tools — they’re strategic gatekeepers. And when ownership of those platforms shifts, so does the balance of power.
In late June 2024, Olo — one of the most influential software companies in restaurant digital transformation — announced it would be acquired by private equity giant Thoma Bravo for $1.08 billion in an all-cash deal (Thoma Bravo, 2024). Just one week later, on July 3rd, 2025, the transaction’s full scope came into view: Olo would be taken private at $10.25 per share, a 65% premium over its April valuation — bringing the total deal value to nearly $2 billion(Reuters, 2025).
The headlines were polite. The press releases were optimistic. Thoma Bravo partner Hudson Smith called Olo founder Noah Glass “a visionary,” adding: “We see tremendous potential ahead” (Thoma Bravo, 2024).
But beneath the surface, this move is more than a financial transaction — it’s a turning point.
This deal reflects a deeper shift: the digital infrastructure restaurants rely on is no longer just a tool you control, but a platform shaped — and monetized — by others.
Olo, the SaaS backbone behind digital ordering, loyalty, and delivery integration for over 700 brands, is being taken private by Thoma Bravo — a private equity firm with over $130 billion in assets under management and a long track record of acquiring enterprise software companies.
What this means in practice:
No more quarterly earnings calls
No more pressure from public shareholders
Full strategic control handed to Thoma Bravo and a consolidated Olo leadership team
On paper, the value proposition looks clean: capital infusion + long-term horizon = product acceleration. But in reality, moves like this often bring sweeping and sometimes radical changes to the roadmap, the business model, and the relationships with those who depend on the platform — namely, restaurant operators.
The optics are clear: deep pockets, big ambitions, and full control.
But the real story lies in the tension between opportunity and risk — and whether restaurants will be beneficiaries of this new direction… or bystanders to it.
“Noah is a visionary who helped create the digital ordering category… We see tremendous potential ahead and are incredibly excited to work with Noah and his team on strategic and operational initiatives…”
— Peter Hernandez, Senior VP at Thoma Bravo (Thoma Bravo, 2024, Financial Times Markets, 2025)
Thoma Bravo’s acquisition of Olo is positioned as a strategic move to drive operational efficiency, accelerate product innovation, and expand Olo’s capabilities into a more scalable, enterprise-grade platform. This vision isn’t just investor optimism—it reflects Thoma Bravo’s broader strategy of backing proven infrastructure platforms and scaling them through capital infusion and disciplined execution. The firm’s leadership has expressed strong confidence in Olo’s long-term potential, reinforcing that this deal is not about short-term returns, but about building a future-proof foundation for restaurant technology.
But far from the optimism in the boardroom, whispers of concern are surfacing within the industry. One Reddit user, reflecting on their experience at a separate company acquired by Thoma Bravo, described a stark transformation:
“They are destroying it… they absolutely gutted and laid off 30% of our company… offshore vendors… constantly begging… ruining… 30‑year careers.”
— Anonymous Reddit user recounting their experience at a Thoma Bravo-acquired firm (Reddit, 2024)
While anecdotal, this frontline perspective captures a growing unease among operators and tech professionals alike. The concern isn’t simply about cost-cutting—it’s about the potential erosion of institutional knowledge, service quality, and long-term customer success.
Private equity may bring capital and operational discipline, but it often also brings sweeping structural changes. And when those changes prioritize investor returns over product stewardship, the impact can ripple downstream—directly affecting platform stability, support responsiveness, and user trust.
Upside: Without the pressure of quarterly earnings, Olo can focus on long-term innovations—such as AI-powered upselling, loyalty personalization, and multi-brand support.
Downside: Less-profitable or niche features could be deprecated. Customization options may give way to rigid bundling, limiting operational flexibility for mid-market and regional brands.
Upside: High-volume chains could benefit from enterprise features, white-glove support, and more robust integrations.
Downside: Midsize brands, which don’t represent Olo’s largest contracts, may struggle to influence the roadmap or receive timely support. These customers may feel the pressure of one-size-fits-all models (AInvest, 2025).
Upside: Restaurants may gain access to improved loyalty analytics and behavior-driven insights.
Downside: As a private company, Olo may limit transparency around how guest data is handled. Brands may lose the ability to extract, own, or control first-party customer data—a critical asset for long-term growth (Seeking Alpha, 2025).
Upside: Thoma Bravo could streamline operations, creating a leaner, faster-moving development team and quicker deployment of new capabilities.
Downside: In past Thoma Bravo acquisitions, cost-cutting and outsourcing have led to job losses, talent drain, and customer service erosion (AOL Finance, 2025), (NRN, 2025), (Reddit, 2024).
Upside: Olo may now integrate more closely with other Thoma Bravo portfolio companies (e.g., analytics, payments, workforce tools), potentially increasing operational efficiency.
Downside: As the ecosystem becomes more tightly coupled, switching costs will rise. Restaurants may find it increasingly difficult to swap out one vendor without replatforming the entire stack (Stocktwits, 2025).
If you’re staying with Olo:
Lock in multi-year pricing and contract terms.
Request roadmap transparency and feature-level input opportunities.
Clarify data ownership, exportability, and third-party sharing policies.
Unbundle your current platform to retain flexibility:
POS-integrated ordering
Loyalty & CRM
Delivery orchestration
This allows for system independence, but adds complexity to system management and integration.
Forward-looking brands are turning this moment into an opportunity to regain full digital control. With custom-built platforms, you can:
Fully own the guest experience and data
Customize loyalty programs to match your brand identity
Integrate directly into kitchen, CRM, and POS systems
Avoid vendor-driven price hikes or roadmap drift
At ResultStack, we partner with restaurants to design future-proof digital systems—from ordering apps to loyalty engines and beyond.
Olo’s acquisition isn't just a financial transaction—it’s a signal. The landscape of restaurant tech is consolidating, and the platforms you depend on may be reshaped overnight.
Whoever owns the platform owns the guest.
In a world of fast-moving capital and private equity influence, now is the time to ask:
Are we building our future on rented land—or designing it on our terms?
Contact ResultStack to learn what a future-proof restaurant tech stack can look like.
Thoma Bravo. (2024). Olo Enters Into Definitive Agreement to Be Acquired
Reuters. (2025). Thoma Bravo to Buy Olo for $2B
RTTNews. (2025). Olo Surges After Acquisition News
TIPRanks. (2025). Olo Valuation Trends
Reddit. (2024). Thoma Bravo PE Employee Testimony
AInvest. (2025). Olo Stock Soars on Thoma Bravo Buyout
Seeking Alpha. (2025). Olo Strategic Risks and Data Control
AOL Finance. (2025). Private Equity Restructuring Risks
Nation’s Restaurant News. (2025). Industry Reactions to Olo Acquisition
Stocktwits. (2025). Olo Stock Movement Post-Acquisition
This blog post presents analysis based on publicly available information, industry reports, and anecdotal commentary. It is intended solely for informational purposes and does not constitute legal advice or make any defamatory statements about individuals or companies mentioned. Experiences with private equity ownership vary widely and the outcomes described herein may not be universally applicable.