Thoma Bravo

High-Level Overview

Thoma Bravo is a leading private equity and growth capital firm specializing in software and technology investments. With over $181 billion in assets under management as of late 2025, it focuses on acquiring and growing innovative, growth-oriented companies primarily in software sectors such as applications, infrastructure, cybersecurity, healthcare IT, and financial technology[1][2][3]. The firm partners closely with management teams to drive operational improvements, product innovation, and strategic growth initiatives, leveraging deep sector expertise and a collaborative investment philosophy. Thoma Bravo’s portfolio includes approximately 75 companies generating around $30 billion in annual revenue and employing over 93,000 people worldwide[1][5].

Origin Story

Thoma Bravo traces its roots to Golder Thoma & Co., founded in 1980 by Stanley Golder and Carl Thoma. The firm evolved over decades, with the current iteration, Thoma Bravo, formally established in 2008. Key managing partners include Orlando Bravo, Seth Boro, Scott Crabill, Lee Mitchell, Holden Spaht, and Carl Thoma[3]. Over time, the firm sharpened its focus on software and technology sectors, adopting a "buy and build" strategy that consolidates companies to create value. Its growth has been remarkable, expanding from under $5 billion in capital commitments in 2012 to over $181 billion in assets by 2025[1][2][3].

Core Differentiators

• Unique Investment Model: Thoma Bravo employs a partnership-driven approach, working collaboratively with existing management teams to implement operational best practices and growth strategies[1][4].
• Network Strength: The firm has a vast network across software sectors, with offices in Chicago, London, Miami, New York, and San Francisco, facilitating global reach and market insights[2].
• Track Record: Over 40 years, it has invested in or acquired approximately 565 software and technology companies, representing over $285 billion in enterprise value[1][2].
• Operating Support: Thoma Bravo provides strategic and operational expertise, including support for growth initiatives and acquisitions, to enhance portfolio company performance[1][4].
• Sector Focus: It has one of the largest cybersecurity portfolios in private equity, valued at over $60 billion, and invests heavily in fintech, healthcare IT, and infrastructure software[5].

Role in the Broader Tech Landscape

Thoma Bravo rides the ongoing trend of digital transformation and software-driven innovation across industries. The timing is favorable due to increasing enterprise reliance on cloud computing, cybersecurity, AI, and automation technologies. Market forces such as rising demand for SaaS solutions, regulatory complexity, and the need for operational efficiency drive the firm’s investment focus. By consolidating and scaling software companies, Thoma Bravo influences the tech ecosystem by accelerating innovation, improving operational discipline, and fostering industry leadership among its portfolio companies[3][5][6].

Quick Take & Future Outlook

Looking ahead, Thoma Bravo is poised to continue expanding its software-focused portfolio, leveraging emerging technologies like AI-driven automation and digital transformation. Its recent acquisitions, such as Verint (AI-driven customer experience automation) and Dayforce (human capital management software), highlight a strategic emphasis on high-growth, tech-enabled sectors[3][6]. Trends shaping its journey include increased demand for cybersecurity, cloud infrastructure, and fintech innovation. As the firm deepens its operational involvement and broadens its global footprint, its influence in shaping the software investment landscape and driving enterprise technology evolution is likely to grow substantially[1][3].

Thoma Bravo’s sustained commitment to partnership, operational excellence, and sector expertise underpins its position as a dominant force in private equity software investing, continuing a legacy that began over four decades ago.