PROS Holdings, Inc. (PRO)

PROS Holdings, Inc. is a Houston, Texas-based software company that traces its origins to 1985. Its products apply data science, machine learning and optimization to pricing, quoting and revenue management. The company built an early reputation in the airline industry, where its revenue management systems forecast demand and set seat availability and fares, and it later brought similar techniques to other industries.

The product portfolio fell into two broad groups. For business-to-business sellers in sectors such as manufacturing, distribution, chemicals, high technology and healthcare, PROS offered configure-price-quote software and price optimization and management tools. For travel companies, it sold revenue management, real-time dynamic pricing, group sales and digital offer marketing products. The company also provided implementation, consulting, training and support services around its software.

PROS completed its initial public offering in June 2007 and listed its shares on the New York Stock Exchange under the symbol PRO. Over time it moved from perpetual licensing toward cloud subscriptions, and it expanded its travel technology offerings through acquisitions that included Vayant Travel Technologies and Travelaer. It sold through a direct sales force as well as partners, resellers and systems integrators.

Like many mid-sized software companies, PROS operated with limited profitability while investing heavily in its cloud transition and in artificial intelligence capabilities. It funded part of its growth with convertible senior notes. Its customer base included airlines and large enterprises that rely on its software for core commercial decisions, which made renewals and long implementation cycles important drivers of results.

On September 22, 2025, PROS announced a definitive agreement to be acquired by affiliates of Thoma Bravo, a private equity firm focused on software and technology businesses. Thoma Bravo agreed to pay $23.25 per share in cash, for an enterprise value of about $1.4 billion. The PROS board unanimously recommended the transaction, and shareholders later approved it.

The acquisition closed in December 2025 following satisfaction of regulatory and other closing conditions. Each PROS share was converted into the right to receive $23.25 in cash, and the company became a privately held business owned by Thoma Bravo funds. A Form 25 was filed with the SEC on December 9, 2025 to remove the common stock from listing and registration on the New York Stock Exchange.