Compuware has agreed to be taken private by Thoma Bravo for $2.5 billion

Software developer Compuware Corp. agreed to be taken private by Thoma Bravo LLC for about $2.5 billion. Thoma Bravo agreed to pay $10.92 a share in cash, which includes the valuation of the Detroit software maker’s remaining stake in cloud-software company Covisint, which went public about a year ago. Compuware Chairman Gurminder S. Bedi said the deal “reflects a thorough board review of strategic alternatives” and includes the ability to complete the Covisint spinoff to shareholders. Excluding impacts related to Covisint, Thoma Bravo will pay a net $10.25 a share. Compuware launched a sale process last year after Elliott Management Corp. tried to buy the company. The activist hedge fund, which owns about 9.5% of Compuware’s stock, has agreed to vote its shares in favor of the transaction. In 2012, Elliott made an unsolicited bid worth $11 a share that valued Compuware at about $2.4 billion. Compuware was founded in 1973 and has clients at more than 7,100 companies, according to its website.