Thoma Bravo
| Company type | Private |
|---|---|
| Industry | Private equity, Growth capital |
| Predecessor | Golder Thoma & Co. |
| Founded | 1980 |
| Founder | Stanley Golder, Carl Thoma |
| Headquarters | Miami , United States |
Area served | Global |
Key people | Seth Boro (Managing Partner), Orlando Bravo (Managing Partner), Scott Crabill (Managing Partner), Lee Mitchell (Managing Partner), Holden Spaht (Managing Partner), Carl Thoma (Managing Partner), Jennifer James (COO), Jerry Nowak (General Counsel and Chief Administrative Officer), Amy Coleman Redenbaugh (CFO) |
| Products | Private equity and private credit investment vehicles focused on enterprise software, cybersecurity, fintech, and technology-driven business services |
Number of employees | 212 (2023) |
| Website | thomabravo |
Thoma Bravo, LP is a private equity and growth capital firm headquartered in Chicago, specializing in the acquisition of enterprise software businesses. By 2023, it oversees assets exceeding $130 billion. The firm is distinguished by its concentration on application software, infrastructure, cybersecurity solutions, and technology-driven business services, utilizing a "buy and build" or consolidation approach.
The company traces its roots back to Golder Thoma & Co., established in 1980 by Stanley Golder and Carl Thoma. Currently, the leadership team includes managing partners Seth Boro, Orlando Bravo, Scott Crabill, Lee Mitchell, Holden Spaht, and Carl Thoma. Its operational strategy centers on strategic purchases aimed at expanding its footprint within the software sector.
Thoma Bravo provides investment opportunities through private equity and private credit vehicles, operating globally with five offices. Senior management features Jennifer James as COO and Head of Investor Relations & Marketing, Jerry Nowak serving as General Counsel and Chief Administrative Officer, alongside Amy Coleman Redenbaugh as CFO. Employing roughly 212 professionals as of 2023, the firm sustains its competitive edge through focused acquisitions and robust leadership within the private equity landscape.
Investments
By July 2023, Thoma Bravo had finalized more than 440 transactions in the software domain and managed a portfolio consisting of over 70 software firms as of 2020.
Software investments
Thoma Cressey Equity Partners entered the enterprise software market in 2002 with the purchase of Prophet 21, a software provider catering to distributors of durable goods.
In 2014, Thoma Bravo acquired Riverbed Technology for $3.6 billion; however, Riverbed subsequently filed for Chapter 11 bankruptcy protection in December 2021.
The firm purchased ConnectWise in 2019, a business automation platform for managed service providers founded by Arnie Bellini.
The 2020 acquisition of educational technology company Instructure was met with criticism from a major shareholder who described the process as "rushed" and conflicted.
In October 2021, Thoma Bravo privatized enterprise software company Medallia for $6.4 billion. That year also saw the acquisition of Stamps.com, an e-commerce shipping solutions provider, for about $6.6 billion in cash.
In March 2022, Thoma Bravo acquired cloud-based software vendor Anaplan in a transaction initially valued at $10.7 billion but completed at $10.4 billion following renegotiation due to alleged breaches of acquisition terms.
August 2022 marked Thoma Bravo’s first acquisition in Australia with Nearmap for AUD 1.06 billion (approximately US$730 million). Since 2003, the firm has executed over 300 deals within the software industry and manages more than 40 companies.
In December 2022, Thoma Bravo outbid Vista Equity Partners to acquire Coupa Software for $6.15 billion in cash, with an overall enterprise valuation of $8 billion.
In September 2023, Arlington Capital Partners purchased Exostar from Thoma Bravo for an undisclosed sum.
November 2023 witnessed Thoma Bravo’s acquisition of NextGen Healthcare, a health records software company, valued at $1.8 billion enterprise value.
In March 2024, the firm agreed to take Everbridge—a provider specializing in critical event management software—private for roughly $1.8 billion.
By December 2024, Thoma Bravo completed acquiring a controlling interest in USU Product Business, an IT management solutions provider, with plans to invest further to drive growth and innovation.
In April 2025, it agreed to purchase select assets from Boeing’s Digital Aviation Solutions segment—including Jeppesen, ForeFlight, AerData, and OzRunways—for $10.55 billion.
In July 2025, Thoma Bravo announced it would acquire restaurant technology provider Olo through an all-cash transaction valued near $2 billion.
Security investments
In 2018, Thoma Bravo acquired cloud-focused security firm Barracuda Networks in a $1.6 billion transaction, subsequently divesting it to KKR for approximately $4 billion by April 2022.
The firm purchased Imperva for $2.1 billion in January 2019, later transferring ownership to Thales Group for $3.6 billion in July 2023.
March 2020 saw Thoma Bravo finalize the $3.9 billion acquisition of Sophos, followed by the August 2021 purchase of Proofpoint valued at $12.3 billion.
Throughout 2022, Thoma Bravo broadened its cybersecurity holdings with multiple acquisitions: identity security provider SailPoint for $6.9 billion, Ping Identity at $2.8 billion, and ForgeRock for $2.3 billion, all funded via private financing sources.
In 2023, the firm bought Canadian digital investigation software developer Magnet Forensics for CAD 1.8 billion (US$1.34 billion), integrating it with its existing digital forensics entity, Grayshift.
By April 2024, Thoma Bravo agreed to acquire UK-based cybersecurity company Darktrace in a private deal valued at $5.3 billion.
These calculated purchases strengthen Thoma Bravo’s foothold within the cybersecurity sector, augmenting its market presence and operational reach across critical security domains.
Fintech investments
In May 2022, Thoma Bravo expanded its fintech portfolio by acquiring Bottomline Technologies for $2.6 billion. The following year, in June 2023, the firm arranged to sell Adenza to Nasdaq, Inc. for $10.5 billion through a cash-and-stock agreement, securing a 15% ownership stake in Nasdaq and enhancing its strategic positioning.
Earlier initiatives include the July 2021 acquisition of Greenphire LLC, a clinical payment technology company, bolstering its footprint in healthcare fintech. In June 2021, the firm invested $125 million in FTX; however, after FTX’s collapse, Thoma Bravo faced legal challenges alleging deceptive promotion and involvement in misconduct. Responding to these events, Orlando Bravo announced in 2024 that the firm would cease further cryptocurrency investments.
History
Founded in 1980 by Stanley Golder and Carl Thoma as Golder Thoma & Co., the firm is recognized for pioneering the "consolidation" or "buy and build" investment approach. Bryan Cressey joined from First Chicago Bank in 1984, prompting a name change to Golder Thoma Cressey; later Bruce Rauner's elevation resulted in Golder, Thoma, Cressey, Rauner, Inc. (GTCR).
In 1998, the company split into two entities: GTCR Golder Rauner and Thoma Cressey Equity Partners. Following Bryan Cressey's exit in 2008, Thoma Cressey Bravo was rebranded as Thoma Bravo.
By September 2016, Thoma Bravo closed its twelfth fund raising $7.6 billion and subsequently secured $12.6 billion for its thirteenth fund by January 2019. The fourteenth fund attracted $17.8 billion in October 2020, while the fifteenth fund closed with $24.3 billion in December 2022—the largest tech-focused buyout fund managed by an independent firm.
In 2017, the firm launched a private credit platform concentrating on software and technology sectors. At the end of 2020, Thoma Bravo relocated its headquarters to Miami, Florida.
As of June 2023, Private Equity International ranked Thoma Bravo as the fourth-largest private equity firm worldwide. In February 2024, Fortune reported that while Thoma Bravo led technology acquisitions in 2021 with investments exceeding $58 billion, recent fund performance varied: the thirteenth fund achieved a robust internal rate of return of 27%, whereas newer funds recorded returns near 4% and -2%.
By June 2024, Private Equity International placed the firm seventh on its PEI 300 ranking list.