Tech-focused PE firm Thoma Bravo is set to acquire Strongsville-based Foundation Software, a provider of construction accounting software and payroll services for small- to mid-sized specialty contractors.

Thoma Bravo's investment is expected to position Foundation Software to optimize its service offerings, further grow its customer base and continue its growth trajectory.

As part of the transaction, Founder & CEO Fred Ode will maintain a minority ownership in the company. The transaction is subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

Committed financing for the transaction is being provided by funds managed by affiliates of The Private Credit Group of Goldman Sachs Asset Management, L.P., BlackRock US Private Credit and Interbank. Kirkland & Ellis is serving as legal adviser to Thoma Bravo. Benesch, Friedlander, Coplan & Aronoff is serving as legal adviser to Foundation Software.